Dollar slides
Late in 2018, worries began to percolate about the strength of the US economy but rebounds in manufacturing data and upbeat commentary from corporates put most of those fears to sleep. Now, they're starting to stir again.
Here are some recent misses:
- January industrial production -0.6% vs +0.1% expected
- December retail sales -1.2% vs +0.1% m/m expected
- Nov factory orders -0.6% vs +0.3% expected
To be fair, there have been some strong numbers as well, including January non-farm payrolls.
Due up at the top of the hour is the February preliminary U Mich consumer sentiment survey, which is a forward looking data point. Next week the calendar is light in the early part of the week but picks up with durable goods orders and Markit manufacturing on Thursday.
At the moment, the dollar is near the weakest levels of the day and has just hit session lows against the pound and commodity currencies.
Cable:
