Key events ahead: US retail sales - Westpac

Analysts at Westpac noted the key events ahead for the day.

Key Quotes:

"This week’s most important US data release is April retail sales. "

"Total sales should rise by the most since May 2015, boosted by a jump in gasoline prices, though sales volumes were also strong. So too were motor vehicle sales, up about 5% m/m according to industry data. Consensus on overall sales is thus 0.8% m/m, rebounding from -0.4% in Mar.

However, for guidance on early Q2 consumer spending, there will be more focus on core measures. Sales ex-autos & gasoline are seen up 0.3% m/m and the “control group” (also excluding building materials) 0.4%, both accelerating from a soft 0.1% in Mar. Such an outcome would reinforce the Fed’s view that the domestic economy is growing at a moderate pace."