The mood sours ahead of the US retail sales report

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US December retail sales are due at the bottom of the hour and the market might be sensing bad news.

As I flagged earlier this week, some credit card spending data has been showing high risks of a miss on the 0.0% consensus estimate. Bank of America sees -1.3% on the headline, -1.6% ex-autos and -2.1% on the control group.

US retail sales preview

The commodity currencies have been leading the reversal in sentiment with oil quickly dropping to $81.95 from a session high of $83.35.