Having given a reaction to the prospect of the Fed cutting interest rates at the July meeting, a period of consolidation has overcome the major markets. The euro is quiet in the middle of a five month trading range, whilst gold is finally showing signs of settling down after recent volatility, and even the upside breakout on Wall Street is losing steam. Markets are looking for the next catalyst. Today, the focus will be on US Retail Sales, to see if the US consumer can impact on the Fed’s outlook in any way. Fed chair Jerome Powell is also speaking, and in front of such a crucial July FOMC meeting, any Fed speak ... (full story)