US retail sales key focus of markets today...
In addition to the stronger signs on Chinese growth recently, incoming US economic data has also had a slightly firmer tone to it. This has provided support to risk appetite, and contributed to the dollar weakening to around $1.37 against the euro this morning. February retail sales data out of the US will be the main event for markets today and indeed of this week. While the chain stores figures reported healthy gains in February, the snowstorms are likely to have had a negative impact on sales in weather-sensitive categories. The market is expecting total retail sales will slip by 0.2% in February, with core sales anticipated to show gains of the order of 0.3%.