ALREADY IN AN HOUR: Retail sales in the US!
Dear traders,
An hour later, at 15:30 Kiev time, the Commerce Department will publish data on retail sales for June .
According to the consensus forecast, the report will show retail sales rose 0.4% last month, moderating from a gain of 0.8% in May.
However, the core retail sales index, which reflects changes in the monthly volume of US retail sales excluding cars, should grow by 0.4% after rising 0.9% in May.
The increase in retail sales indicates economic growth, and a decline shows economic downturn. Consumer spending accounts for 70% of US economic growth.
Besides the retail sales report this week, this week’s calendar also features U.S. data on building permits, housing starts, industrial production, as well as surveys on manufacturing conditions in the Philadelphia and New York regions.
Also, the attention of investors will be attracted by the publication of the Federal Reserve’s Beige Book.
Last month, the US central bank raised the interest rate for the second time this year and forecasted two more of its increases by the end of the year.
Futures on the federal funds rate gives a probability of about 85% for the interest rate increase in September, according to a forecast from Investing.com. The probability of a fourth interest rate increase in December is approximately 55%. (Investing.com)
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