Spreadex Market Update
US retail surprise leads to rowdy afternoon for dollar, whilst Dow struggles to catch its European peers
Much of that fresh positivity stems the US, even if the Dow Jones is struggling to match the rebound seen by its European peers. With US retail sales hitting 1.3%, vastly higher than the -0.3% expected and the best figure since May 2014, and the preliminary UoM consumer confidence data bouncing back to a 15 month peak of 95.8 it seems that the much-touted decline of the US consumer has been a bit overstated.
That was great news for an already rowdy dollar, which took 0.5% and 0.6% off the pound and euro respectively, helping out the UK and Eurozone indices in the process. It did, however, prevent the Dow Jones from joining in with the gains, with the US index falling by around 30-50 points as the greenback juiced up on those sweet retail figures.
As mentioned the afternoon saw a rather drastic rebound from Europe, most notably by the DAX. With the euro taking a pounding from the dollar investors had the green light to bask in Germany’s better than anticipated Q1 growth, sending the index nearly 1% higher as Friday began to wrap up. The FTSE was slightly more tentative in its rebound, a 1% fall from Brent Crude leaving the index with a much milder 20 point rise.
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