EUR/USD dipped for the third consecutive trading session today as US retail sales increased for the fourth straight month in July. Import and export prices data was not as good, but it did not prevent the dollar from rising.
Retail sales rose 0.2% in July, matching expectations exactly. The June change was revised positively from 0.4% to 0.6%. (Event A on the chart.)
Import prices rose 0.2% in July, missing the forecast of 0.9%. The June drop was revised from 0.2% to 0.4%. Export prices edged down 0.1% for the second consecutive month. (Event A on the chart.)
Business inventories were virtually unchanged in June on a seasonally adjusted basis, compared to the predicted increase of 0.3%. The May’s reading was revised from an increase by 0.1% to a decrease by the same rate. (Event B on the chart.)
Yesterday, a report on treasury budget was released, showing a deficit of $97.6 billion in July, which was in line with forecasts. The budget demonstrated a surplus of $116.5 billion in June. (Not shown on the chart.)
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