US consumers did not splash the cash around Black Friday: retail sales rose by only 0.1% in November. In addition, that came on top of a downwards revision for October: only 0.6% instead of 0.8% originally reported. Also, core sales missed with 0.2% and also here, there was a downside revision. The control group rose by only 0.1% with yet another downward revision. PPIÂ numbers actually beat expectations, but the matter less.
The US is slightly lower, with EUR/USD topping 1.0650, GBP/USD topping 1.27 and USD/JPY slipping under 115. USD/CAD is around 1.3110, AUD/USD at 0.7510 and NZD/USD at 0.7227.
The United States was expected to report a rise of 0.3% in retail sales in November 2016, following a 0.8% advance beforehand. Core sales were projected to rise 0.4% and the control group by 0.3%. Revisions are quite common.
Markets were waiting, patiently or not, for a bigger event: the FED meeting later in the day.
US retail sales and PPI data
- Retail sales: previous 0.8%, expected 0.3%, actual: 0.1%.
- Core retail sales: prev. 0.8%, exp. 0.4%, actual: 0.2%.
- Retail control group: prev. 0.8%, exp. 0.3%, actual: 0.1%
- Retail ex gas/auto: prev. 0.6%, actual: 0.2%.
- PPI m/m:Â previous 0%, expected 0.1%, actual: 0.4%
- Core PPI m/m: prev. -0.2%, exp. +0.2%, actual: 0.4%.
- PPI y/y: prev. 0.8%, exp. 0.9%, actual: 1.3%
- Core PPI y/y: prev. 1.2%, exp. 1.3%, actual: 1.6%.
Get ready for the FED
- FED Preview: Three scenarios, only one USD-positive
- USD Into FOMC: Sell The Fact – Barclays
- Trading FOMC: 5 FX Observations From Dec 2015 Hike – SEB
