The consumer is officially cooling down. Here are the numbers:
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Retail Sales: -0.6% MoM (Exp. +0.1%)
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Retail Sales Ex-Auto: -0.3% MoM (Exp. +0.2%)
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Control Group: -0.4% MoM (Exp. +0.3%)
The US Dollar (USD) is taking a hit. Bad news for the economy is dovish news for the Fed. This massive miss signals a severe slowdown in consumer spending, dramatically increasing the odds of faster and deeper interest rate cuts. The dollar is losing ground as yields drop in response. Traders pare wagers on more than one Fed rate hike by mid-2027.Source: xStation
Economic Calendar: U.S. ISM Services Index in the Spotlight
Daily summary: Muted rebound on Wall Street 🗽 Metals attempt to recover as the U.S. dollar weakens
EIA data points to a decline in U.S. crude oil inventories; OPEC+ decision in focus
📈 Gold rebounds 1.5%