CONSUMERS FORECASTED TO HAVE SPENT MORE IN DECEMBER BUT MARKET FOCUSING ON HOW MUCH DID ENERGY SAVINGS AND A STRONG USD DRIVE SALES HIGHER |
A strong non-farm payrolls (NFP) failed to spark a U.S. dollar rally despite crushing the forecast. In the past the U.S. retail sales data has stopped rallies after missing expectations, but this time around it could spark a more rapid recovery of the USD. Retail sales reports have been mixed but economists still cannot unlock the mystery of the U.S. consumer unwillingness to spend. American consumer spending accounts for two-thirds of the economy and despite major savings on gas and a strong labor market consumers have opted to save instead of spend. |
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