NZD/USD gains 0.75% on Friday and trades around 0.5895 at the time of writing, with its rally losing some momentum as it approaches the psychological 0.5900 level. The pair benefits mainly from weakness in the US Dollar (USD) following disappointing US economic data, while expectations surrounding the Reserve Bank of New Zealand (RBNZ) monetary policy continue to support the New Zealand Dollar (NZD).
US Retail Sales contracted by 0.6% MoM in July, reversing a 0.2% increase in June and missing market expectations for a 0.1% rise. On an annual basis, sales increased by 5%. Weak consumer spending reinforces concerns about the momentum of the US…
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