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The US is set to release Retail Sales data today at 12:30 GMT. Sales are forecast to post the largest monthly drop on record, FXStreet’s analyst Joseph Trevisani reports.

Key quotes

“Monthly retail sales are expected to decline by 8% and purchases excluding automobiles to drop 4.8%. The range of estimates in the Reuters survey is from -24% to -0.9%.”

“Currency markets are not so inured to this catastrophe that a worse than forecast retail sales for March, implying even greater collapses in the months ahead and by extension to the rest of the world, will not bring back the dollar safety trade.”

“If the reliably free-spending consumer sector in the United States has faltered there may yet be much more to worry about.”