Economists Debate Retail Sales Report While Traders Maintain Confidence In Upcoming Fed Hike
Portfolio Pulse from Piero Cingari
The June Retail Sales Report has sparked varying interpretations among economists, with some noting a cooling off of consumer activity and others highlighting the third consecutive month of positive retail spending. Industrial and manufacturing production contracted in June, while traders expect a 0.25% interest rate increase by the Federal Reserve. The U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), rose by 0.1%.
July 18, 2023 | 5:38 pm
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The U.S. dollar index, as tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), inched higher by 0.1%, hitting the psychological 100-level mark.
The rise in the U.S. dollar index, which is tracked by UUP, indicates a strengthening of the dollar. This could potentially attract more investors to UUP, leading to a short-term positive impact on its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80