🎈🇺🇸U.S. Economic Surprises Extend to The Downside: Cable FX Macro

• A measure of macroeconomic indicators strength and weakness vs the survey median has dipped this week to the lowest since mid-September. The negative reading means that U.S. economic data is shifting to below consensus.

• The negative contributions come from softer data like survey indicators. Housing and retail and wholesale inventories have turned negative too. The latter is the largest negative contribution to the latest batch of U.S. data.

• Labour market and personal/household indicators continue to top economists' estimates. Friday personal income came much higher than the survey median. Continuing jobless claims came below estimates, while December's labour data came in stronger than expectations.