FXStreet (Barcelona) – Previewing the key US data releases ahead in the day, the KBC Bank Research Team sees a higher rebound in US retail sales and a higher outcome in jobless claims.
Key Quotes
“Following another poor report in April, US retail sales are forecast to have picked up in May. The consensus is looking for a rebound by 1.2% M/M led by stronger car and gasoline station sales. Excluding those two volatile components, retail sales are forecast to have increased by 0.5% M/M, as is expected for the control group. Hiring in the retail sector picked up in May, which might indicate that sales were indeed strong. After the poor start of the year, we believe that the risks are for a bigger rebound.”
“Also in the US, initial jobless claims are expected little changed in the week ending the 6th of June. The consensus is looking for a marginal drop from 276 000 to 275 000 following a significant decline in the previous week. We believe however that the risks are for a higher outcome due to an increase in the claims following the Memorial Day holiday. Overall, we expect the downward trend to remain in place.”
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