Retail in Asia

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NZ retail sales unexpectedly fell 0.6pc in February

New Zealand retail sales unexpectedly fell in February for the second time in three months, as rising unemployment and a slowing housing market curbed consumer confidence.

New Zealand’s currency fell as investors increased bets that Reserve Bank Governor Alan Bollard may maintain the official cash rate at a record-low 2.5 percent beyond June. Bollard has kept borrowing costs unchanged since April 2009 to help the economy recover from the worst recession in 30 years.