Top-Tier Data On Retail Sales Due Friday

Economic releases during the course of the week have confirmed the deterioration of New Zealand?s economic performance by the overvalued Kiwi dollar and an official cash rate that ranks at second-highest among Aaa-rated sovereign nations.

Monthly manufacturing activity came to a standstill as the ANZ-Business Performance of Manufacturing Index for June printed at 50.4, a steep decline from last month?s statistic of 56.8. The much-awaited data on May retail activity is due on Thursday at 22:45 GMT and is expected to show a recovery by retail sales on the strength of unabated consumption expenditure.

Retail Sales (MoM) (MAY)[/B]
Expected: 0.5%
Previous: -1.2%
[B]Retail Sales Excluding Auto (MoM) (MAY)[/B]
Expected: 0.3%
Previous: -0.9%

ANZ-Business NZ Performance of Manufacturing Index (JUN)[/B]
Actual: 50.4
Previous: 56.8
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