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US retail sales fall 0.6% in July, weighing on the dollar
The pullback followed a reversal of the prior month’s 0.2% rise, and the US Dollar Index slipped back toward 99.50 as markets trimmed expectations for a September rate hike.
US retail sales declined in July, falling 0.6% month over month to $763.6 billion, according to data cited from the US Census Bureau.
The July result reversed the prior month’s 0.2% expansion and also came in below market expectations of a 0.1% increase. On a year-over-year basis, retail sales were up 5%.
FXStreet said the dollar weakened after the release, with the US Dollar Index (DXY) returning to the 99.50 region and extending losses from Thursday’s slight pullback.
On the day, FXStreet noted GBP/USD moving to its highest level in about a month near 1.3550, while EUR/USD pushed above 1.1500 as markets scaled back bets on a September Fed rate hike.
Latest closeEUR/USD 1.153 ▼0.1%|GBP/USD 1.349 ▼0.2%|Dollar index 99.95 ▼0.1%