US retail sales: Today’s big release – Rabobank

By FXStreet FXStreet (Bali) – Today’s big release is US retail sales for December, notes Michael Every, Head of Financial Markets Research, Asia-Pacific, at Rabobank, followed by US PPI and US Michigan consumer confidence.

Key Quotes

Today’s big release is US retail sales for December. Expectations are not full of much seasonal cheer. Headline spending is seen -0.1% and ex-autos up 0.2%, though the control group ex. autos and gasoline is seen a healthy 0.4%. Certainly one has to say that the US consumer – still the lion’s share of the US economy – is not what he/she once was and it’s hard to say when – or if – they will be again.

After that we see US PPI, which is going to underline the deflationary pressures in the economy that Mr. Bullard has just sat up and noticed: even ex- food and energy PPI is expected at just 0.3% y-o-y today. We then have the Fed’s Dudley speaking on the economy and policy before moving on to US industrial production, which is expected -0.2% after a -0.6% print in November. (Are you spotting something of a pattern here? Mr. Bullard isn’t – yet.)

Then we Michigan consumer confidence for January, which …read more

Source:: FX Street