- Euro area retail sales were weaker than expected in May as it was unchanged m/m. At the same time it was revised lower in April, where it declined 0.2% m/m.
- Today’s release implies the upward trend in retail sales have lost a bit of momentum, but considering the yearly growth rate it is still around the highest since 2007.
- The figures for retail sales in Q2 imply private consumption looks a bit weak in Q2. Nevertheless, retail sales still suggest that private consumption will increase in line with our forecast (there is even some upside risk).
- Looking ahead consumer confidence points to stronger retail sales and also suggests there is upside risk to our forecast for private consumption.
The upward trend in retail sales lost a bit of momentum However, retail sales suggest upside risk to private consumtion
Consumer confidence indicates stronger retail sales... ... and also suggest upside risk to private consumption
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.