New Zealand retail sales recorded the fastest growth in six years in the fourth quarter, adding to signs of a rebound in consumer spending and sentiment, and sending the trade-weighted index to a post-float high.
The total volume of retail sales rose 2.1 percent, seasonally adjusted, in the final three months of 2012 and rose 2.9 percent from the same period a year earlier, according to Statistics New Zealand.
Quarterly sales beat economist estimates of 1.4 percent growth.
The trade-weighted index jumped to as much as 77.43 after the report was released, from 76.90 immediately before. That's the highest since the kiwi dollar was allowed to trade freely in 1985. The currency rose to 85.33 US cents, the highest since September 2011. Two-year swaps jumped 6 basis points to 3.05 percent.
The data follows a survey yesterday showing consumer confidence rose to a 32-month high this month in the face of low interest rates and rising house prices. Retail sales have continued to grow this year, with electronic card transactions rising for a fourth straight month in January.