As discussed in last night's podcast, there was some hope for a strong finish to the week. Why? A weaker-than-expected retail sales number would lead to bond buying and dollar selling. And that's exactly what we've seen so far.
So here we go. We'd already had a solid overnight with bonds rallying and the POSX dropping...but then came the April US retail sales data. Recall that the March data surged to a record on the back of the latest round of .gov stimmy checks. So what happened in April? No stimmy, no sales.