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NZD/USD erases gains, retreats toward 0.7900

FXStreet (Córdoba) - NZD/USD retreated further during the European session and recently bottomed at 0.7909, the same price it close on Friday. The pair closed a bullish gap and erased gains.

NZD/USD gains on data but reverses

During the Asian session boosted by retail sales data from New Zealand, that rose above expectation during the third quarter (+1.50% vs +0.85%), the kiwi climbed pushing NZD/USD to 0.7973, reaching the highest price since October 29.

According to analysts from TD Securities, the rise in core retail sales of 4.5% from a year ago in volume terms and 4.2% in dollar terms, plus “the drop in NZ oil prices, and most recent credit card transaction data showing a strong start for the Dec qtr, we expect strong momentum in retail to follow.”

The pair failed to hold to gains, started to retreated and accelerated during the last hours. From the highs it has fallen more than 50 pips and remains near the lows, trading around 0.7910.

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