Retail sales in the US for the month of October rose 0.10% against forecasts of 0.30% led by a decline in auto sales, while core retail sales for the month increased 0.20% but less than expected 0.40% growth. The producer price index was also weak as the headline print showed a decline of -0.40% falling below the estimates of 0.20% and the core PPI for the month declined -0.30%, below estimates of 0.10%. The weak numbers initially pulled the US Dollar lower, but the Greenback managed to gain after the preliminary University of Michigan consumer sentiment ticked higher from 90.0 to 93.1 in October, beating estimates of 91.3. Inflation expectations eased, rising 2.5% down from 2.7% previously. The equity markets declined -1.18% on Friday for a third straight day, losing nearly -4.14% since the 4th of November highs at 2108.
Gold Strengthens on Risk Aversion
Daily Analysis - 16/11/2015