ETH Volatility Analysis for Retail Sales, 15th September 2022

Data Analysis

The release

Released by the Bureau of Census on 15 September 2022 at 8:30 AM EDT. Retail Sales came in at 0.6% for August 2022, against -1.0% in July 2022. Retail sales are rising again, after a fall.

It arrived at the same moment as Retail Sales Excluding Automobiles, Import Price Index, Export Price Index, Initial Jobless Claims and Continued Jobless Claims, so the reaction measured on this page belongs to all of them together.

Measured by Clometrix

Ethereum's volatility ratio was 1.39x, against 1.43x for a typical Retail Sales release since 2021. Its volume ratio was 1.49x, against a typical 1.51x. Under 1.5x is not a reaction at all: the market barely noticed this release. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.

How Ethereum moved

Ethereum was at $1,587.12 when the figure came out. Fifteen minutes later it was 0.18% higher, and an hour later 0.41% lower. Its high-to-low range in the hour after was 1.5% of its price, against 0.77% in the hour before.

What made it matter

Since 2021, Retail Sales releases in the two weeks before a Fed decision have moved Ethereum about as much as those at other times: a median volatility ratio of 1.39x across 27, against 1.43x across 43. This one came out 6 days before the Federal Reserve's 21 September rate decision. Its own ratio of 1.39x compares with 1.39x for those, about what its circumstances would suggest.

About Retail Sales

The U.S. Census Bureau publishes the Retail Sales report every month. It is a measure of consumer spending, an important indicator of the US GDP. Retail firms provide data on the dollar value of their retail sales and inventories. A sample of 12,000 firms is included in the final survey and 5,000 in the advanced one. The advanced estimated data is based on a subsample from the USCB complete retail & food services sample.