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- Mar, 12 Overnight Interest Rate Update 03.12.10
- Mar, 12 New Zealand Retailing Outperforms on Fuel, Car Sales
- Mar, 11 SNB Keeps Rates Unchanged, Reaffirms Commitment to Limit Franc Appreciation
- Mar, 11 Overnight Interest Rate Update 03.11.10
- Mar, 11 Japan's GDP Report Shows Deflation Rate Doubled in Fourth Quarter
- Mar, 11 Australian Unemployment Rate Rises as Job Gains Disappoint
- Mar, 10 U.K. Manufacturing Tumbles for the First Time in Five Months
- Mar, 10 Overnight Interest Rate Update 03.10.10
- Mar, 10 Australian Home Loans Drop Most in Nearly a Decade on Rates, Grants
- Mar, 10 Australian Consumer Confidence May Fall on Rate Hikes, Says Westpac
- Mar, 09 Swiss CPI Fails to Impress
- Mar, 09 Overnight Interest Rate Update 03.09.10
- Mar, 08 China Weekly 03.08
- Mar, 08 Overnight Interest Rate Update 03.08.10
- Mar, 08 Japan's Current Account Surplus Tops Forecasts on Exports
- Mar, 05 U.S. Unemployment Rate Unchanged As Economy Losses 36K Jobs
- Mar, 05 German Factory Orders Advance More-Than-Expected, Euro Halts Two-Day Advance
- Mar, 05 Overnight Interest Rate Update 03.05.10
- Mar, 04 Overnight Interest Rate Update 03.04.10
- Mar, 04 AUSTRALIAN TRADE DEFICIT FALLS AS FUEL IMPORTS PLUMMET
Retail spending in the U.S. unexpectedly increased 0.3% in February after advancing a revised 0.1% in the previous month, while sales less autos jumped 0.8% during the same period to top forecasts for a 0.1% rise.
The breakdown of the report showed demands for electronic goods expanded 3.7% after widening 2.2% in January, with discretionary spending on clothing increasing 0.6%, while sales for motor vehicles slumped 2.0% following the 1.5% contraction in the previous month.
Indeed, the data encourage an improved outlook for the U.S. as the private spending remains one of the leading drivers of growth, and conditions are likely to improve going forward as the expansion in monetary and fiscal policy continues to feed through the real economy. However, the ongoing deterioration in the labor market paired with tightening credit conditions could lead households to keep a lid on consumption over the coming months, and the Fed may maintain its pledge to keep borrowing costs at the record-low of an “extended” period of time as policy makers aim to encourage a sustainable recovery.
Following the release, the USD/JPY showed an immediate reaction to the better-than-expected data, with the exchange rate crossing back above the 50-Day SMA (90.45) to a high of 90.96. However, as the 30-minute RSI crosses into overbought territory, the sharp rally appears to be tapering off ahead of the U. of Michigan confidence survey due out at 14:55 GMT.
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