Analysts at ANZ broke down the key data events from overnight driving price action.
"US retail sales surprised on the upside lifting 0.8% m/m in May (mkt: 0.4%, last 0.4%), suggesting the US economy has well and truly bounded back following a softer winter-weather-induced patch earlier in the year. Sales were up 5.9% y/y. The ex-auto component (”core sales”) rose an impressive 0.9% m/m (mkt: 0.5%, last: 0.4%).
UK retail sales also posted an impressive 1.3% m/m lift in May, exceeding market expectations for a 0.5% rise. Core sales rose by the same amount, exceeding expectations by a whole percentage point. There’s nothing quite like a royal wedding and warm weather to get consumers out celebrating (and spending).
German CPI came in exactly as markets expected, rising 0.5% m/m in May (last: 0.5%). Annual inflation is travelling at 2.2%, unchanged from April, with core inflation (ex food and energy) continuing to lag at 1.5% y/y."
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