With equities trading higher, economic data from around the world isn't supporting the recovery everyone seems to be talking about. NZ Retail Sales came in much weaker than expected, specifically the ex-autos figure, -.2% vs. expectations of .6% increase. Data out of the UK and the EU have also been mixed over the last few weeks and we are once again wondering if the current market direction correct or will we see a turnaround. Technically, the dollar can lose more ground, but the economic data released over the last few days doesn't support the current move against the buck. We may be in for a retest of recent lows. Patiently waiting for more economic data.
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