Investing.com

Investing.com – NZD/USD rose during Asian trading hours on Monday despite below than expected retail sales.



Statistics New Zealand reported on Monday that country’s retail sales for the fourth quarter rose 1.2% against an expectation of 1.6%. In the previous quarter they rose 0.2%.



Shorty Japan is to release data on fourth quarter economic growth. GDP growth is expected to rise from 0.3% in the previous quarter to 0.7%.



NZD/USD rose 0.03% at 0.8370, AUD/USD went up 0.20% at 0.9053 and USD/JPY fell 0.07% at 101.75.



On Friday U.S. dollar fell after U.S. industrial production fell 0.3% from a month earlier in January, compared to expectations for a 0.3% gain.



The data fuelled concerns that the economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth.



The dollar’s losses were held in check by expectations that the Federal Reserve will continue to scale back its stimulus program.



In her first Congressional testimony since her appointment as Fed Chair, Janet Yellen said Wednesday that the central bank would continue to gradually reduce the pace of its asset purchase program.



She also reiterated that the Fed plans to hold interest rates at zero “well past” the time the jobless rate falls below 6.5%.



The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.02% to 80.15.



In the week ahead, China is to produce preliminary data on manufacturing activity, while euro zone data on private sector output, U.K. employment data and a U.S. inflation report will also be in focus.



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