I’ve been watching these markets for 40 pounds, err, I mean 20-odd years, and never have I been more confused. To me the retail sales report was a watershed event. It shows the emperor has little, if any clothes. There is a recovery, but it is weak and may not last.
The market? It has digested and spit out the data is is focusing on a drop in continuing jobless claims of 141,000. Never mind that those people are falling of the dole as benefits run out, that’s another matter entirely. Walmart had good earnings but projects sluggish sales ahead.
EUR/USD is finding resistance at the 1.43325/30 level. That much makes sense. 1.4413 is next resistance if broken.