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US: After disappointing retail sales, all eyes on FOMC – ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Research Team at ANZ, notes that the US retail sales data for February were disappointing, with the control group unchanged and January's increase in the control measure revised down to +0.2% m/m vs +0.6% m/m initially reported.

    Key Quotes

    “The clear implication is that it provides a dovish platform for the FOMC statement today and Yellen's press conference. The core PPI (ex-food and energy) continued to improve, rising to +1.2% y/y vs +0.6% and the Empire Manufacturing Index was better than expected at +0.6, its first positive reading in eight months.

    But the main focus was retail sales and that was disappointing, if largely driven by lower receipts at service stations (down 4.4% m/m) due to the fall in petrol prices. Following the release, the Atlanta Fed GDPNow model has overall GDP running at 1.9% saar vs 2.3% prior to the data. Private consumption is estimated to be running at 2.7% saar, down from 3.3% prior to the data.”
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