US Retail Sales report preview: a 'tepid' result is expected

<p>Traders are awaiting the US CPI data data later today. I'll have more to come on this separately.</p><p>But, don't forget that on the following day we'll get key retail sales data also. </p><p>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</p><ul><li>household card spending also dropped 0.2% month-over-month in October on a seasonally adjusted basis</li></ul><p>BoA forecasts a “tepid” retail sales report, but not as bad as you might expect:</p><ul><li>

“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” </li></ul><p>Retail sales is due at 1330 GMT, which is 8.30 am US Eastern time. On Wednesday, 15 November 2023. .</p>

This article was written by Eamonn Sheridan at www.forexlive.com.