020 7898 0500After the UK posted strong retail sales data, attention turned to the US to see how theirs compared. In April, sales hit 4.6% which was extremely encouraging, but the figure for May came in at a whopping 5.9% to increase the feeling that the US economy is robust at present. Month-over-month, retail trade rose by 0.8% against expectations of a 0.4% gain.
We also saw initial jobless claims up to 9 June 2018. The last reading showed 222,000 people claimed for unemployment benefit and the figure was expected to slightly increase to 224,000. However, like retail sales, the reading was better than expected, as the number fell to 218,000 – the lowest reading in five weeks.
The dollar strengthened against sterling and it soared against the euro, gaining more than 1% against the single currency. Comments made by ECB President Draghi no doubt helped the dollar’s cause, as the euro tumbled against a basket of currencies.
Today we have the preliminary reading of the Michigan consumer sentiment. In May the figure came in at its lowest mark for four months, so it will be interesting to see whether consumers can help the figure bounce back. We will also see the industrial and manufacturing production figures for May.
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