Traders are awaiting the US CPI data data later today. I'll have more to come on this separately.
But, don't forget that on the following day we'll get key retail sales data also.
Bank of America do not have a bright outlook for this data point, saying their in-house aggregated credit and debit card data indicates that total card spending fell 0.5% y/y in October
- household card spending also dropped 0.2% month-over-month in October on a seasonally adjusted basis
BoA forecasts a “tepid” retail sales report, but not as bad as you might expect:
- “However, the US Economics team forecasts a 0.1% increase in the Census Bureau’s retail sales ex-autos estimate for October. The softness in BAC card spending on the month was partly driven by the sharp drop in gas prices”
Retail sales is due at 1330 GMT, which is 8.30 am US Eastern time. On Wednesday, 15 November 2023. .
