US retail sales remain unchanged in June, and the basic trend is strong, which may boost expectations for second-quarter economic growth.
At 20:30 Beijing time on Tuesday, US retail sales in June recorded 0%, higher than the market's expectations of -0.3%, and the previous value was revised upward from 0.1% to 0.3%. US core retail sales in June, excluding auto sales, increased by 0.4%. After excluding the impact of cyber attacks on car dealers, US retail sales in June achieved the largest increase in three months, indicating strong consumer spending at the end of the second quarter.
After the data was released, the US dollar index rose by 14 points in the short term. Spot gold fell by 9 dollars in the short term and is now not far above the 2430 mark.
The most active gold futures contract on COMEX traded 2248 hands with a total contract value of 0.549 billion US dollars in one minute from 20:30 to 20:31 Beijing time on July 16th.
US retail sales in June remained unchanged due to a 2% decline in income for car dealers. This data runs counter to the trend of gradually slowing consumer growth in recent months due to pressure from high interest rates and cooling labor markets, indicating that the main driving force of the US economy is still playing its role as inflation falls and the Federal Reserve approaches to start cutting interest rates.
Analysts pointed out that the US retail sales data in June broke a recent series of bad reports because it showed that all economic activities in June easily exceeded expectations, especially the control group, which grew by 0.9% in the month, while the market expected 0.2%. Coupled with some upward revisions to May data, a reasonable strong report will be seen, indicating that consumers still have the ability to consume. This should reduce the market's expectation that the Federal Reserve will cut interest rates three times this year.
In addition, traders may not react to the unexpected rise in import prices, but considering the new government's views on the dollar or tariffs, this may also be an issue to consider.
(Continuously updating)
Edited by Jeffrey