US data fails to impress XAU/USD traders
Amid the broad fears surrounding Credit Suisse, as well as woes of another financial crisis, traders paid little heed to the United States data.
US Retail Sales dropped to -0.4% in February versus -0.3% expected and upwardly revised 3.2% prior while the Producer Price Index (PPI) slide to 4.6% YoY from 5.7% in January and 5.6% market forecasts. Further, NY Empire State Manufacturing Index dropped to -24.6 for March compared to analysts’ estimations of -8.0 and -5.8 prior.
Even so, global rating giant Moody’s expects the Federal Open Market Committee (FOMC) to raise the federal funds rate by 25 basis points at its March 22 meeting, per Reuters.
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