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Dismal Retail Sales, Revisions Lower Hit Futures and USD

Dismal Retail Sales, Revisions Lower Hit Futures and USD

Gregory Marks,

Talking Points:

-US Advance Retail Sales for January came in at -0.4% vs. 0.0% est.

-Ex Auto Figures MoM came in at 0.0% vs. 0.1% est.

-Control Group came in at -0.3% vs. 0.2% est.

-Initial Jobless Claims for the week ending Feb 8th came in at 339K vs. 330K est.

US January Retail Sales figures broadly disappointed market expectations with all MoM figures missing estimates in combination with downward revisions for all December prints. The headline Advance Retail Sales print declined 0.4% since December (worst since June of 2012) while the Control Group print came in at -0.3% vs. market expectations of 0.2%.

The Ex Auto MoM figure managed to come in flat, just missing expectations of a 0.1% gain- this comes just weeks after auto companies reported less than stellar vehicle sales figures and a dismal earnings report. The component breakdown for the Advance print showed that electronic stores, furniture sales and auto dealers were hit the hardest in January while grocery stores, food and beverage and building material sales saw MoM increases.

January 13, 2014: USD/JPY(5-Minute Chart)

Dismal_Retail_Sales_Revisions_Lower_Hit_Futures_and_USD_body_Picture_2.png, Dismal Retail Sales, Revisions Lower Hit Futures and USD

Source: FXCM Marketscope

The greenback has taken a hit against the majors and GBP/USD pressed multi-year highs at the print. We are currently seeing a slight comeback in Dollar, but equity futures and yields on the 10yr continue to remain lower.

Dismal_Retail_Sales_Revisions_Lower_Hit_Futures_and_USD_body_Picture_1.png, Dismal Retail Sales, Revisions Lower Hit Futures and USD

Gregory Marks, DailyFX Research Team

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