June Retail Sales Stagnate: Traders Fully Price In September Interest Rate Cut
Portfolio Pulse from Piero Cingari
June retail sales in the U.S. stagnated, leading traders to fully price in a September interest rate cut. The U.S. Dollar Index rose slightly, and Treasury yields trimmed losses. Fed Chair Jerome Powell's dovish comments and a potential weakening labor market could prompt the Fed to lower rates.
July 16, 2024 | 12:54 pm
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The U.S. Dollar Index, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), rose 0.2% following the release of June retail sales data.
The stagnation in retail sales and the increased likelihood of a rate cut in September have led to a slight strengthening of the U.S. Dollar Index, positively impacting UUP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80