Market News & Analysis

FX Handover: Big Retail Sales Revisions Boost Buck to Two-Week Highs

  • US Retail Sales (May) bounced back to +0.5% m/m, but last month’s reading was also revised higher from -0.2% to +0.3%. Industrial Production figures also beat expectations, making the US dollar the strongest major currency on the day.
  • In a dramatic shift in tone from last week, President Trump now says it doesn’t matter if President Xi attends the G20 Summit – reining in expectations of a resumption in trade talks?
  • The kiwi was the weakest major currency today, with NZD/USD threatening to close at its lowest level since October as traders start to price in a potential rate cut from the RBNZ in August.
  • Gold pared its gains after the better-than-expected US data.
  • See the key releases and themes we’ll be watching next week!

*No major macroeconomic releases are expected during Monday’s Asian session.

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