One more key event of the day: The US retail sales report
Dear traders,
The US Commerce Department will publish a report on retail sales for July at 15:30 Kiev time.
According to the consensus forecast, it is expected that the volume of retail sales in the US over the past month will grow by 0.2% after rising by 0.5% in June.
However, core retail sales index, which reflects changes in the monthly volume of US retail sales excluding cars, should grow by 0.4%, unchanged from June.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy. Consumer spending accounts for 70% of US economic growth.
Economists predict that the new economic data will not change the Fed’s plans to raise the interest rate two more times this year. The next increase will take place in September. (Investing.com)
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