US Retail Sales Contraction Stings Greenback in July

Retail sales in the United States contracted by 0.6% month-over-month (MoM) in July, reversing the 0.2% expansion recorded in June, according to data released by the US Census Bureau.

The $763.6 billion print came in below market expectations of a 0.1% increase and marked a slowdown from the previous period.

On a yearly basis, retail sales were up 5%, while total sales for May through July were up 6.3% (±0.5%) compared to the same period last year.

The Greenback traded with losses following the publication of the data, with the US Dollar Index (DXY) returning to the 99.50 region and retreating further from recent monthly peaks.