Investors and economists had their eyes glued to their computers today awaiting the much anticipated retail sales figures for February. “Will the stock market boom continue?” Some ask themselves as they hope bullish retail sales will manifest in a continued bullish market.
Retail sales figures
Both the retail sales figure and core retail sales figure were double or more than their forecast.
The general forecast across the board for Wednesday’s retail sales (and core) was a positive .05%. Retail sales figures hit 1.1% while core retail sales hit 1.0%. (Core retail sales exclude automobiles)
“It’s a positive indicator that consumers are adjusting to the higher payroll taxes and higher gasoline prices,” said Russell Price, Ameriprise Financial Inc. (Bloomberg)
It is very possible that Americans have not adjusted to high taxes yet. It’s safe to argue that many Americans haven’t made financial adjustments at all yet. Adjusting to taxes can be a process that takes some time to manifest in the market.
The Value of the U.S. Dollar
The EURUSD is hitting lows unseen since December.
The U.S. Dollar strength is far from invincible. Momentum could be lost in a heart beat, especially with the issues in Washington. Riding out a trend as long as you can though can be a wise thing to do.
What are your thoughts about the United States Dollar? Do you think it is odd that the U.S. stock market and the U.S. Dollar are both strong?
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