Weekly Fundamental Bulletin: US Data Kicks Off 1st Trading Week Of 2021

Last week’s highlights

Australia retail sales rise 7% in November

Retail sales in Australia posted a continued rebound in November, building up from the gains in October.

The total value of retail sales rose 7% on a month over month basis in November.

The official data from the Australian Bureau of Statistics came following a 1.4% increase in October.

Economists forecast that retail sales will fall by 0.6% during the period. Household goods rose by 13%, leading the gains. This comes after a full month of trade in some parts of the country.

On a year over year basis, retail sales rose by 13.2%.

US Weekly jobless claims better than forecast

The weekly jobless claims continued to slide with the latest data showing the claims at 787,000.

The continuing claims also fell on a week over week basis, clocking in at 5.2 million. Both the data points were better than the forecasts.

The latest data marks the lowest weekly jobless claims since late March in 2020.

Still, the overall improvement in the jobless claims data remains marginal. Economists now expect to see bumps in the data by early January.

UK and EU secure trade deal

After voting to leave the European Union in 2016, the EU and the United Kingdom secured a trade deal.

The breakthrough came during the final week of 2020.

On January 1, 2021, the UK was due to formally exit the European Union. British lawmakers were quick to pass the deal in the Parliament, which also received the Queen’s consent.

The FX markets did not react much to the news amid broader narratives in the market.

Still, last week marks a major milestone in the UK’s plan to exit the economic bloc.

The US pending home sales fall for a third consecutive month

Pending home sales in the United States continued their downward trajectory.

The data from the National Association of Realtors showed that pending home sales fell by 2.6% in November. This follows a 0.9% decline in October.

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