There were expectations for a stronger number this time: 83 points. The upside is that the figure for March was revised up to 83.9 points. Last month’s number is the post crisis high. The drop may be worrying, but the correlation between consumer confidence and actual retail sales is not always clear.
Currencies are little moved by the figure. There are much bigger releases this week. The euro was hit by weaker than expected German inflation numbers. The pound retreated on not-too-high GDP growth data and USD/JPY traded at the high part of the range. Volatility remains low.
Earlier, Case Shiller showed that house prices continued rising: 12.9% year on year.
Tomorrow we have the ADP Non-Farm Payrolls, the initial US GDP release for Q1 and the Fed decision. Yellen and company are expected to taper bond buys for the fourth time: to $45 billion.
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