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14 Jan 2015
US engine spluttering? - ING
FXStreet (Guatemala) - Rob Carnell, analyst at ING Bank noted commented further on the recent retails sales disappointments from the US.
Key Quotes:
"While these retail sales figures are a little worrying, and follow a substantial shift back in the market’s implied tightening by the Fed this year from late last year, we are reserving judgment on what this means. It is not unusual for US data to wobble like this."
"However, if we do not see a strong recovery in the January figures, it will be time to review whether the US economy is as strong as the 3Q14 figures suggested, and whether extrapolating that strength into 2015 is such a good idea."
"More worryingly, with the US about the only beacon of growth globally, if even this engine is spluttering, then a more substantial market correction than we have already seen may well be on the cards."
Key Quotes:
"While these retail sales figures are a little worrying, and follow a substantial shift back in the market’s implied tightening by the Fed this year from late last year, we are reserving judgment on what this means. It is not unusual for US data to wobble like this."
"However, if we do not see a strong recovery in the January figures, it will be time to review whether the US economy is as strong as the 3Q14 figures suggested, and whether extrapolating that strength into 2015 is such a good idea."
"More worryingly, with the US about the only beacon of growth globally, if even this engine is spluttering, then a more substantial market correction than we have already seen may well be on the cards."