Markets opened the week on a positive note, rebounding from the volatile week last. NZ Retail Sales jumped 2.5%, but this from a very low base and reality tells a very different story. The Dollar continued to give ground, with the EUR trading above 1.2200, while the GBP pushed up to 1.4150.
The reserve fell back and allowed the NZD to break back above 0.7200, while the AUD pushed back towards 0.7750. Markets will look towards growth and inflation data for a lead. The negatives of the previous week, just gone, will be tested again this week. Statistical data will define the week.