Daily digest market movers: US data kicks rate cut bets further back, US Dollar bids higher
- US Retail Sales in February missed expectations, rebounding to 0.6% MoM versus the forecast of 0.8%. However, this is still recovered from the previous -1.1% decline (revised lower from -0.8%).
- February’s US PPI showed producer-level inflation remains on the warm side, with YoY PPI holding steady at 2.0% instead of easing to 1.9% as markets expected.
- MoM US PPI eased to 0.3% from the previous 0.5% but failed to meet the market’s expected 0.2%.
- US Initial Jobless Claims also came in healthier than expected, with 209K new jobless benefits seekers for the week ended March 8 versus the forecast 218K. The previous week’s benefit seekers was also revised to 210K from 217K.
- The four-week average for Initial Jobless claims has dipped to 208K as the US labor market remains too tight to allow the Fed to cut rates as quickly and easily as markets were hoping for.
- Canadian Manufacturing Sales rebounded to 0.2% in January, missing the forecast 0.4% but still recovering from the previous month’s -1.1% decline (revised down from -0.7%).
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