Original title: terrorist data burst accident! Retail sales in the United States in July were much lower than expected. Short-term shock: gold has been divided into transactions of more than 300 million US dollars.
Source: FX168
Us retail sales fell 1.1 per cent in July and are expected to fall 0.2 per cent after rising 0.6 per cent, according to the latest figures released by the Commerce Department at 08:30 est on Tuesday. The monthly rate of core retail sales fell 0.4% in July, with an expected growth of 0.1%, compared with an increase of 1.3% in the previous month.
Us retail sales fell more than expected in July, in line with a steady shift in consumption to the service sector and suggesting that consumers may be more price-sensitive as inflation picks up.
The data show that as many epidemic-related restrictions have been lifted, consumers are starting to spend less on goods and turn to services. At the same time, the emergence of Delta variants poses risks to economic activity and may dampen demand for services such as tourism and entertainment.
Rising prices for commodities such as groceries, dining out, personal care and clothing are likely to limit discretionary spending in the coming months.
A report released by the University of Michigan last week showed that purchases worsened to their lowest level since April last year because of stubbornly high inflation. Retail sales figures are not adjusted for price changes.
The yield on the 10-year Treasury note rose from 1.227 per cent to 1.235 per cent after the retail sales data were released. The dollar index DXY gained short-term at 10:00 and is now at 92.82. Due to the rise of the US dollar, G10 currencies such as euro and pound fell in the short term.
Spot gold also fell in the short term. Data show that the COMEX most active gold futures contract traded 2020 lots in one minute at 20:33 Beijing time on August 17, with a total value of $361 million.
CNBC noted that US consumers cut back on spending more than expected in July as concerns about the Delta variant damped economic activity and government stimulus dried up.
Us retail sales fell more than expected in July as supply shortages depressed purchases of cars and other goods, but spending on services is likely to keep the economy growing strongly in the third quarter. Car production has been hampered by a global shortage of semiconductors.
In addition, the shortage of chips has also affected the supply of some household appliances such as microwaves and refrigerators.
Wells Fargo & CoSenior analyst Brad: although demand is still strong, car sales have continued to decline in the past few months, as the shortage of semiconductors makes it difficult for consumers to find the car they want, regardless of the price level.