July 2014 US advance retail sales 0.0% vs 0.2% exp m/m
- Prior 0.2%
- Control group 0.1% vs 0.4% exp m/m. Prior 0.6%. Revised to 0.5%
- Sales ex-autos 0.1% vs 0.4% exp m/m. Prior 0.4%
- Ex-autos & gas 0.1% vs 0.4% exp m/m. Prior 0.4%. Revised to 0.6%
USD/JPY loses around 12 pips to 102.33 but the biggest beneficiary is the euro which has popped to 1.3383 from 1.3364. It’s been helped by a break in EUR/GBP through 0.8000 and that’s keeping cable offered.
Autos the big driver of lower sales as they fell for the second month on the trot. That flies in the face of the actual auto sales numbers reported from the major car makers.
The control group, which is effectively the “core” sales number is the worst of the numbers and yet again we don’t see signs of the improving jobs market filtering through into the economy.