S&P 500 Retreats to Key Support Following Retail Sales Data
Retail sales data and weak guidance from Target takes the S&P 500 back below 4000.
Retail sales data and weak guidance from Target takes the S&P 500 back below 4000.
Dax & FTSE have been trading higher as US inflation data makes a softer than expected landing. But, with UK inflation rising to 11.1% (YoY), equities have taken a step back.
The US CPI release last week was undoubtedly one of the most market-moving events we have seen for the market in a while. It would seem with the response from the Dollar and risk assets that there is a hyper-sensitivity to inflation, yet we didn’t see that after the New York Fed’s relaying US consumer inflation expectations. So what should we watch to move the market’s ahead?
October retail sales surged 1.3% versus 1.0% expected, a sign that the U.S. consumer remains resilient and that the Fed has more work to do to slow demand.
The recent US dollar sell-off continues with the greenback nearing a fresh three-month low.
The Yen has failed to capitalize on recent dollar weakness as lackluster data and geopolitical tensions cap gains.
EUR/USD attempts another move higher after yesterday’s late selloff on conflict fears. A fair amount of central bankers on the docket today with US retail sales
GBP/USD responded oddly, pushing lower after record levels of UK inflation were released by ONS.
EUR/USD has jumped up to a key level of 1.0350 after a strong bullish response following last week’s CPI data. But – can EUR/USD bulls continue the move?
Crude oil has bounced around this week amid reports from OPEC+ and the IEA hinting at lower demand, while economic data and geopolitics create uncertainty. Where to for WTI?