Daily digest market movers: DXY sees some light following encouraging Retail Sales, outlook still negative
- As the week began, the USD found itself under pressure due to the effect of the previous week's inflation statistics, which fueled confidence among traders for a likely rate cut in September.
- On the data front, retail sales remained flat at 0.0%, though the previously reported increase of 0.1% was revised upward to 0.3%.
- Retail Sales ex Autos rose by 0.4% after the 0.1% decline in May. That same -0.1% has been revised to 0.1%.
- The CME FedWatch Tool broadly supports the notion of a rate cut in September, with the odds currently standing over 85% for a 25-basis-point cut.
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