US Retail Sales: A dip in auto sales to drag on the headline – Scotiabank

Dhwani Mehta FXStreet

Analysts at Scotiabank offer a sneak peek at what to expect from Tuesday’s Retail Sales release.

Key quotes

“Total sales may dip by around -½% m/m while sales ex-autos post a mild gain of a comparable magnitude.”

“Vehicle sales carry about a one-fifth weight and should drag on the headline given we know that new vehicle sales were down 8.2% m/m in May partly due to chip shortages while auto prices in CPI were up by 1.6% m/m.”

“The other ~70% of retail sales that are not made up of gas and new vehicle sales could be more resilient on reopening effects.”

US May Retail Sales Preview: Analyzing major pairs' reaction to previous releases

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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