US retail sales staged a surprisingly strong rebound in April growing by 1.3% causing traders to reassess their thinking on the US economy and US stocks. Retailers had been getting hammered on weak results from department stores like Macys and Nordstrom. This week, traders may get a better idea of where Americans have been spending their money with results due from Home Depot, Wal-Mart and others. Meanwhile, USD has broken out of a downtrend as the strong report puts the potential for a June rate hike back on the table.
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