US retail sales data for May has been just released. Headline reading showed 17.7% MoM advance against expected 8.4% MoM increase (-14.7% MoM in April). Retail sales excluding autos jumped 12.4% MoM while the market expected 5.5% MoM increase (-17.2% MoM in April).
Data turned out to be much better than expected as retail sales recovered from last month's steep drop. Equity markets and the US dollar surged on the release. There is one more important event scheduled for today - Powell's testimony in Congress at 3:00 pm BST.
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US retail sales showed strong recovery in month-over-month terms but sales are still 6% down on year-over-year basis. Source: Macrobond, XTB
US500 surged on retail sales data releases and tested 3,145 pts mark. Source: xStation5
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