We are waiting for a busy day of data during the US session on Thursday
The most important data will be released today at 3: 30 pm Egypt time
- Applications for US unemployment benefits
- American retail sales
- US producer price index
US unemployment benefit applications
It is expected that applications for initial unemployment benefit will amount to 229 thousand against 228 thousand previously, while applications for continuing unemployment benefit are expected to amount to 1890 thousand against 1879 thousand previously.
Applications for US unemployment benefits remain one of the most important data to follow weekly, as it is an accurate indicator of the state of the labor market.
The market has not seen any movements for several months, as the data did not surprise. Initial unemployment benefit applications are still below their intra-session high of 260 thousand, and a sudden rise above this level is likely to be needed to stimulate the market.
American retail sales
On a monthly basis, US retail sales are expected to be 0.0% versus 1.5% previously, while sales of cars excluding automobiles are expected to be 0.3% versus 0.6% previously.
Goldman Sachs also expects core retail sales to rise in April, as consumers accelerate the pace of their purchases ahead of the impending imposition of tariffs.
US producer price index
The core producer price index (excluding food and energy) is expected to be 3.1% year-on-year against 3.3% previously, while the monthly reading is expected to be 0.3% against -0.1% previously.
As for the monthly Producer Price Index, it is expected to increase from -0.4% to 0.2%.
We think the focus has returned to inflation, so beware of surprises.
In general, it is possible that the outlook will be positive in the aggregate for today's data.
Jerome Powell's talk
We are waiting today at 3: 30 pm Egypt time for a talk by Federal Reserve Chairman Jerome Powell .
