As Thursday’s trading session commences, all eyes will be on the US once again as we await the next instalment of important tier 1 economic data. Earlier in the week, US inflation data surpassed expectation but oddly provided the market with relief that was expressed via dollar weakness.
Today’s report will be as important as Tuesday’s. Retail sales are a direct reflection of the health of a nation’s consumers. After printing almost $10 trillion to fight off the pandemic, some of which went directly into citizen’s accounts via checks, it’s imperative that the US consumer displays signs of health. If the US economy is to recover back to its previous levels then it will be the consumer who is the driving force behind that.
The data is released at 13.30 this afternoon, with forecasts for a month-on-month gain of 5.0%. The greenback will be in focus with its subsequent movement derived from the quality of the print.
Written by Viv Savani. 8:13am, April 15th 2021
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