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Market Reports

7:49am, April 16th 2021

US Retail Sales Smash Expectations

The main story across financial markets yesterday was that of the huge beat seen in March US retail sales. Estimations were for a 5.9% increase on a month-by-month basis. Whispers were floating around the market of an even stronger print, which proved to be accurate. The data saw a mammoth 9.8% jump which smashed forecasts by almost 70%!

Market reaction was mixed and quite surprising. The not so surprisingly element was that US stocks rallied to all-time highs, European markets joined in the move higher too. What was surprising was that the greenback failed to rally and lost a little ground against its major peers on the day, while government bond yields, which should have rallied higher on such strong data, collapsed lower. The price action could be down to the fact the market already priced in such an impressive print or that it believes this data is as good as it will get, with stimulus checks most likely being fully used up by now.

Today sees eurozone inflation data as well as US housing starts, building permits, and consumer confidence.

Have a nice weekend.

Written by Viv Savani. 7:49am, April 16th 2021

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:22am, April 9th 2021

Greenback Feeling The Pressure

View Report
8:25am, March 29th 2021

Busy Week Ahead

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8:02am, April 28th 2021

Fed In Focus

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