By CountingPips.com
New Zealand retail sales rebounded in March after consumer spending on retail goods had declined in February, according to a report by Statistics New Zealand. Total retail sales increased by 0.5 percent in March following a 
decrease by 0.6 percent in February.
Despite the quarterly rise, the data failed to surpass market forecasts that were expecting a 1.1 percent advancement for the quarter.
Core retail sales, excluding the automobile related industries, increased by 1.1 percent in March after core sales had decreased by 0.9 percent in February.
On a quarterly basis, retail sales also rose by 0.5 percent in the first quarter of 2010. Boosting the quarterly sales were increases in motor vehicle sales and gasoline station sales.
Core retail sales for the first quarter fell by 0.7 percent on seasonally adjusted basis.
Forex Trading: NZD/USD 1-Hour Chart – The New Zealand dollar has failed to receive a boost against the US dollar immediately following the positive retail sales report. The NZD/USD pair has been on a downtrend since touching a recent high of 0.7325 on May 3rd and currently trades around the 0.7120 exchange rate.
