Us Retail Sales Unchanged In April

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Us Retail Sales Unchanged In April

Us Retail Sales Unchanged In April

According to the data from the US Census Bureau, no change was seen in the US retail sales on a m/m basis. The value of the retail sales during the month was $705.2 billion, around 0.6% higher than the March's reading.

However, the US retail sales (April) were still below the 0.4% forecast made by the economists, which suggests a gloomy picture. The retail sales of the USA depend on inflation and the interest rate situation & thus are closely watched by the Federal Reserve.

Total Sales Up By 3.0%

From Feb to April 2024, a 3.0% increase was seen in the total sales when compared with the same period last year. In terms of the data from March 2024, the data remained virtually unchanged but does show a 2.7% jump from last year.

Nonstore retailers also showed an increase of 7.% when compared with the year 2023. However, the drinking and food services only showed a 5.5% increase when compared with April 2023 data.

The FX market didn't react well to the US retail sales for April as the demand for the greenback switched with some quick selling. To say that the retail sales data was disappointing wouldn't be entirely wrong, as evidenced by the DXY's reaction.

For now, the DXY (dollar index) is trading near 104.65 with a change of -0.37% for the day.

The US Dollar stays bearish pressure as the Retail Sales data was disappointing from every angle. For now, the US Dollar Index is down by 0.37% & is seen trading at 104.65.

Similarly, all the major trading pairs, such as EUR/USD& GBP/USD, have turned green after the US retail sales. As for the USD/JPY, it has turned red after the retail sales data, which also suggests that the market is now favouring selling the USD in exchange for other currencies.

However, one key element is still missing from the equation, and it is the US CPI, which is due to be released shortly. Once the US CPI is released, an influx of volatility will be seen in the USD pairs.

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