Forex
Dollar Sinks on Weak Retail Sales
US retail sales data for July revealed a decline of 0.6%, indicating a cooling consumer engine in America.
This news sent shockwaves through currency markets, causing the US dollar to drop and lifting both the euro and British pound to multi-month highs.
The drop in retail sales suggests that slower price growth may now be showing up as weaker dollar totals rather than cheaper purchases.
With cooler inflation prints and a shakier jobs backdrop, futures markets trimmed the probability of another Federal Reserve rate hike.