The market has given up on Q1.
The consensus estimate for US retail sales at the bottom of the hour is +1.1% but watch the control group, which strips out autos, gas and building supplies is expected up 0.5%.
The market is skeptical about the Jan-March period in the US because of weather effects and the soft jobs report so you probably have traders looking for US dollar shorts. There is a small bid in Treasuries and risk trades are a tad softer.
But even if the numbers are 0.2-0.3 pp weaker, look for dollar dip buyers.
I doubt PPI has any effect.
