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Germany Is Still Hanging In There, Eurozone CPIs and US Retail Sales Are In Focus

JFD

UK retail sales figures came out as a disappointment. Swedish unemployment suddenly gets a boost and comes out much lower than the forecast. Germany shows good GDP numbers. Today, we will focus on the eurozone’s inflation expectations and the US retail sales numbers.

Yesterday, UK retail sales disappointed the market, as the core and the headline figures came out worse than expected. The core MoM and YoY figures were at -0.3% and +2.7%, versus the expected +0.2% and +3.4% respectively. The headline numbers on the same MoM and YoY basis came out at -0.1% and +3.1%, against the forecasted +0.2% and +3.7% respectively. Despite the data coming out below expectations, the pound was seen slightly higher against most of its counterparts, apart from SEK and NOK. Overall, the pound seems to have taken a pause from huge swings and it looks like it is saving itself for a Brexit-related news headline.

The Swedish krona was supported by the country’s unemployment rate, which came out the same as the previous adjusted figure, at +6.0%. In comparison to the...

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Source: https://www.jfdbank.com/en/research/germany-is-still-hanging-in-there-eurozone-cpis-and-us-retail-sales-are-in-focus-20191115
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