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US retail sales in focus as Fed ponders next move
Retail sales numbers out of the United States will be scrutinized on Tuesday as investors try to keep alive hopes of a 0.50% rate cut by the Fed later this month. The retail sales data will be published at 12:30 GMT and will be followed by industrial production figures at 13:15 GMT. With the Fed July meeting fast approaching, the data could determine whether policymakers decide to go for a 25-basis points reduction, or a steeper 50-bps cut. The dollar is likely to continue its knee-jerk reactions to the incoming data, moving in tandem with fluctuating expectations of a 50-bps rate cut. Retail sales forecast to ... (full story)