6:45pm (NY Time) NZ Retail Sales Forecast -0.3% Previous -0.1%
ACTION: NZD/USD BUY 0.3% SELL -1.0%
This is measurement of consumer spending in the retail sector, we’ll be looking for a deviation of at least 0.6% from the forecast number, therefore a positive 0.3% will be bullish signal for NZD, or a -0.1% will be a negative signal for NZD. We’ll look for entries after the release in the direction of the signal.
DEFINITION
Measures the value of sales at the retail level. A rising trend has a positive effect on the nation’s currency because Retail Sales make up a large portion of consumer spending, which is a major driver of the economy and has a sizable impact on GDP. Traders pay close attention to Retail Sales because it is usually the first significant indicator of the month that relates to consumer behavior and is susceptible to surprises.
NOTE: I’ll probably be skipping this trade since I have something scheduled today. But if I can make it back on time, I’ll record my trades. One of the beauty of Forex News trading is the freedom of your time, because even if I miss this one, it will repeat next month; there are just plenty of Forex News around the corner that we can trade. No need to fuzz over this one.
UPDATE: We didn’t get any tradable deviation from this release, so it is a no trade… plus I got tied up with my previous arrangements (dentist), so I missed it:(
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