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US Dollar Needs Retail Sales Comeback
U.S. traders came back from their long weekend on Tuesday ready for a busy trading week. They drove stocks to fresh record highs which should have coincided with a weaker U.S. dollar (#USD). However stronger than expected manufacturing activity in the New York region boosted risk appetite. Looking ahead sustainability of the dollar (#USD) and equity market (#DOW) rally hinges on a retail recovery. The end of 2020 was particularly tough for retailers as consumer spending dropped three months in a row. Economists are looking for tomorrow’s retail sales report to show a rebound in January but with wage and job growth ... (full story)