The monthly retail sales report from the US showed a larger than expected gain. June retail sales grew 0.4% on the month, beating estimates of a 0.1% increase. The data for May was revised down to show a 0.4% increase. Excluding autos and gasoline, retail sales grew by 0.7%. The better than expected report pushed the USD higher as a result.
EURUSD Loses the 1.1250 Handle
The EURUSD currency pair broke below the 1.1250 level of support to which it held on to earlier. This sent the currency pair to a weekly low. Further downside momentum could push the common currency to test the previous lows of 1.1188. We expect the sideways range to continue in the short term.
