img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgOnline Dealing Login

US Retail Sales Disappoint; Crude Prices Up on Lower Production

Published March 14, 2018
  • The greenback is down this morning after retail sales came in lower than expected (0.2% vs. 0.4%). Retail sales numbers are an indicator of economic growth, particularly in the US where consumer household spending has fueled over 80% of total growth since the recovery began in 2009.
  • The soft retail sales print combined with yesterday’s tepid US inflation data has made it less likely that the Fed will increase rates more than 3 times in 2018.
  • The Trump administration has announced its intention to seek tariffs on up to $60 billion worth of imports from China, with a focus on the technology, telecom, and apparel sectors in an attempt to offset the US trade deficit with China, the latest move by Trump to combat globalization.
  • Oil prices are strong this morning after OPEC reported a drop in crude production in February, though the forecast for non-OPEC supply is expected to increase over the next year. WTI crude is up 0.50% to $61 with Brent crude up 0.23% to $64.79 at the time of writing.