US Retail Sales Unexpectedly Dropped in March
Official data released in the US today showed retail sales unexpectedly dropped in March.
Retails
sales fell 0.3% m/m in March, compared to an expected rise of 0.1%
following an upwardly revised February figure of 0.0%. Retail sales ex
autos rose 0.2%, missing the estimate of 0.4%. Meanwhile, Ex-Autos and
Gas rose 0.1% compared to the expected rise of 0.3%. Previous month’s
print was revised higher to 0.6%.
Retail sales control group number also rose at a measly rate of 0.1%.
Drop
in the retail sales is sending US dollar lower across the board and
supports Fed’s view that it needs to stay cautious with more rate hikes.
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