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US Data Weakness

The US Dollar was knocked lower again this week as a further bout of data weakness has put a fresh focus on a potential rate cut at the upcoming October FOMC. September’s retail sales were heavily disappointing. The headline figure printed -0.3% on the month. This was in stark contrast to the expected 0.3% reading the market was looking for. The core figure was similarly weak at -0.1% versus an expected 0.2% reading projected by analysts ahead of the release.

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Retail Sales Fall

The decline in retail sales last month marks the first such contraction in seven months and the breakdown of the data highlights severe weakness. Only five of the 13 sub-categories of the retail sales reading marked an increase over the month. This left eight in negative territory. The five categories which recorded an increase over the month were: furniture, health, clothing, miscellaneous, and eating/drinking.

Looking at the categories which fell int...

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