US private consumption finally stronger?

Following a week low on data so far it is once again worth looking at the calendar of US data publications today. May retail sales are an important set of data due for publication. So far consumption in the US had disappointed notably despite the fact that due to the sharp fall in gas prices US consumers had more money in their pockets. 

Today's data is likely to give insight into whether the positive effect of the lower energy prices has filtered through to consumption after some delay. Consensus expects a rise of 1.2% mom which is not only due to the fact that retail sales are measured in nominal terms and thus are influenced by the recent increase in gas prices, notes Commerzbank.