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Today at 12:30 GMT, US Census Bureau will declare retail sales figure for May.
- In April retail sales excluding autos grew by 0.1%, while headline figure failed to grow at all. Today market is expecting solid growth in May, with headline figure growing 1.1% on monthly basis and sales to grow 0.7% excluding autos.
If retail sales surprise to the upside or even bounce back as expected Dollar will have a strong showing, if not Dollar index is likely to move lower to test its recent low around 93.3. Dollar index, which is value of dollar against basket of currencies is trading at 95.06, up 0.45% today so far.
Why retail sales are so vital for US now?
- Retail sales are proxy for domestic demand from consumers' side and US really is a consumption oriented economy.
- With strong dollar creating headwinds for exporters, lower commodity prices lowering investments in the sector, what US really needs is the support of the consumers to spend more and boost the economy.
- With Strong dollar importing deflation, US inflation really needs support of the consumers.
