Aw, it was just gift cards being used in January and consumers snapping up discounted goods…Economists are spinning to explain why they missed the retail sales rebound by more than a country mile.
Stocks are not faring well after a brief data-driven bounce. S&P futures point to a lower open by more than 1%.
EUR/USD and EUR/JPY are tracking lower as the market looks past the retail sales data concluding that if they don’t have jobs (continuing claims reached a record), people won’t be spending like they did in January for long.
EUR/USD trades at 1.2831, EUR/JPY at 115.65.
