Forex
DXY Weakens to Near 99.50 Amid Lower Retail Sales and Fading Rate Hike Bets
The US Dollar Index (DXY) has weakened to near 99.50 in Asian trading hours on Monday, following data that showed a decline in US Retail Sales for July.
Retail Sales fell 0.6% last month after an unrevised 0.2% gain in June, and market consensus was for a rise of 0.1%.
The downbeat numbers have tempered expectations that the US Federal Reserve (Fed) will raise rates at its September 15-16 policy meeting, with traders now pricing in just a 31% probability of a September hike, alongside a 69% odds of a rate increase by December.