Following the announcement of US retail sales data, the New Zealand dollar (NZD) fell against the US dollar (USD) on Tuesday, bringing the NZD/USD currency pair’s price to less than 0.6900.
The US Census Bureau issued retail sales figures for June on Friday (July 16, 2021). According to economists, retail sales were expected to fall by -0.4 percent in June compared to -1.7 percent before a month. The figures, however, put the record at 0.6 percent.
The retail sales figures reflect the net receipts of the retail sector. Change in the volume percentage of retail sales shows the performance of the retail stores over the given time. The stats for the retail sales indicate the likelihood of consumer spending in the coming days. Generally speaking, a high reading is seen as positive for the USD. At the same time, it suggests a bearish market for the NZD/USD pair ahead and vice versa.
Secondly, resistance levels might not allow the NZD/USD pair for the forward direction.
Conversely, today US Census Bureau at the Department of Commerce released building permit figures of June that, as per the FXStreet.com report, registered a figure of 1.598 M, below the expectation of economists that had predicted that it might set the reading of 1.7 M.
Conclusion
In the short term, selling it near current levels may be a worthwhile trading decision given the pair’s price action over the past few days.