NZD/USD edge up a little before paring back gains, BBH's FX analysts report.

RBNZ to make the pace of easing more gradual

"New Zealand Q4 retail sales data was stronger than anticipated. The total volume of retail sales increased 0.9% q/q (consensus: 0.5%) vs. 0% in Q3 (revised up from -0.1%), with growth across most industries."

"The data supports the RBNZ’s guidance for a more gradual pace of easing. The RBNZ has penciled-in another 75bps of easing over the next 12 months that would see the policy rate bottom at 3.00%. This seems about right."