New Zealand dollar loses ground after worse-than-expected Retail Sales data

The New Zealand dollar lost ground to the pound overnight after NZ retail sales came in worse-than-expected.

• New Zealand ’s first quarter Retail Sales data fell by a record 2.9%, almost double analysts’ forecasts.
  
• This data will only serve to increase expectations that the Reserve Bank of New Zealand will cut rates further in order to try and revive the ailing economy.
  
• Support for the kiwi remains fragile as worries over the timing of the global economic recovery continue.