The mood sours ahead of the US retail sales report

Read full post at forexlive.com

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.

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