New Zealand electronic credit card spending moves lower
- Prior month 1.0% MoM and 4.2% YoY
- Electronic retail sales MoM comes in at 0.0% lower than last month 0.9% (revised from 1.0%)
- Electronic retail sales YoY comes in at 2.2% lower than last month’s 4.2% reading.
By spending category, the movements were:
- Consumables, up $22 million (0.9 percent)
- Apparel, up $0.7 million (0.2 percent)
- Durables, down $8.7 million (0.5 percent)
- Motor vehicles (excluding fuel), down $11 million (5.1 percent)
- Fuel, down $30 million (5.5 percent).
Below is a table of the percentage changes by categories for the month. Only consumables and apparel showed increases. Weak spending for the month of July
Electronic credit card spending by category
Looking at the 4-hour chart of the NZDUSD below, the price moved to the lowest level going back to June 7 during yesterday’s trade. In the process, the price fell below the low price from June 29 at 0.60502. The current price trades at 0.60585. The low price from last week was at 0.60598 right near the current level.
On the downside, there is supported 0.60502 and then at a swing area between 0.60249 – 0.60320. Move below those levels and the early June low at 0.5985 would be targeted.
Conversely get and stay above 0.60598 in the short term would increase the bullish bias.