Top tier data coming up
It's been a quiet start to the week on the economic calendar but it's about to pick up in a big way.
The US April retail sales report is due at the bottom of the hour. The control group is the spot to watch and it's forecast to rise 0.3% m/m after a 1.0% jump in March. Given the recent weakness in risk assets and USD/JPY, I see the risks as skewed to the downside.
The Empire Fed is also due at the same time but will be overshadowed.
For CAD traders, the April CPI report is a critical release. The headline is expected up 2.0% y/y with the three core measures forecast from 1.8%-2.1%.
