Dollar slips after U.S. July retail sales fall 0.6%, euro and sterling hit multi-month highs
AI Market Summary
A sharp downside surprise in U.S. July retail sales (-0.6% m/m vs +0.1% expected) reinforced signs of slowing demand, pushing markets to dial back September Fed hike expectations. The dollar weakened accordingly, while EUR and GBP rose to multi-month highs. Cross-asset volatility remains elevated as U.S.-Iran tensions add an additional macro risk premium via crude oil and safe-haven FX positioning.
Impact level
● High
Affected assets
NCSIDXY2USD/USDT-0.10%
AI Insight · NCSIDXY2USD/USDTAI Insight
▼ Bearish
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U.S. retail sales fell 0.6% in July from the prior month, far below market expectations for a 0.1% increase, stoking concerns about a slowing economy. After the data, the dollar weakened while the euro and sterling climbed to multi-month highs. Markets also pared back expectations for a Federal Reserve rate hike in September. Ongoing U.S.-Iran tensions continued to influence crude oil prices, and the yen swung on expectations around potential Bank of Japan tightening and intervention.
