March retail sales were weaker than expected with the headline figure printing 0.9% m/m (est. 1.1%) and the control group at 0.3% m/m (est. 0.5%) with a downward revision to the prior month (to -0.2% from 0.0%).
It was surely a disappointing report, but the US strategists highlight a couple positive points looking ahead.
"The breadth of the gains in this report was constructive (69% of components expanded), and combined with strong confidence indicators and a recovery in the weekly chainstore sales data recently, we continue to believe that Q2 should be much firmer", Says RBC Capital Markets
This morning watch for headlines from the Fed's Kocherlakota, who speaks at a university forum where there will be audience Q&A.
