July Daily Review - 14/07
- Donald Herison
- English
- MARKETS NEWS
- Hits: 1249
1. The dollar regained ground against the other major currencies on Tuesday after initially falling to session lows when data showed that U.S. retail sales unexpectedly fell last month.
The dollar turned lower after the Commerce Department said retail sales fell 0.3% in June, compared to expectations for a 0.2% increase
2. Crude oil futures recovered from earlier losses on Tuesday, as traders looked ahead to weekly data on U.S. stockpiles of crude and refined products later in the day.
On the New York Mercantile Exchange, crude oil for August delivery inched up 15 cents, or 0.25%, to trade at $52.35 a barrel during U.S. morning hours after hitting a session low of $50.90 earlier.
3. U.S. retail sales unexpectedly fell in June as households cut back on purchases of automobiles and a range of other goods, which could raise concerns the economy was slowing again.
Tuesday's weak retail sales report, together with signs of some softening of the labor market, could dampen expectations for an interest rate hike from the Federal Reserve this year, which most economists expect could come in September.
4. U.S. stocks edged higher, trading in a narrow range, early on Tuesday as investors focus on U.S. corporate earnings and oil prices pared some losses after a steep fall earlier in the day.
Oil prices had tumbled due to expectations of increased supply after Iran's nuclear deal, but trimmed some losses as the expected rise in supply was already priced in over recent weeks.
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