Daily digest market movers: USD steadies as Retail Sales and Jobless Claims beat expectations
- Retail Sales rose 1% MoM to $709.7 billion in July, according to the US Census Bureau. This figure surpassed the expected 0.3% increase and compensated for the 0.2% dip in June.
- Retail Sales ex Autos also rose noticeably by 0.4%, beating the expected 0.1%.
- In addition, Initial Jobless Claims for the week ending August 10 came in at 227K, better than the expected 235K and down from the previous week's revised figure of 234K.
- According to the CME FedWatch Tool, odds now point to an 80% chance of a rate cut in September, and markets remain overconfident of 200 bps of easing in the next 12 months though that will depend on incoming data
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