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U.S. retail sales likely to have dropped in June

U.S. retail sales data for June are set to be released next week. According to a Wells Fargo research report, retail sales are expected to have fallen in June. In May, retail sales had come in stronger than expected. Sales had risen 0.8 percent, while prior month sales in April were also upwardly revised to a 0.4 percent rise. Gasoline station sales rose 2 percent, partially because of rising gas prices.

But even excluding sales at gasoline stations, sales rose at a solid 0.7 percent clip. The strongest sectors in May were miscellaneous stores and building material and garden equipment and supplies dealers, which rose 2.7 and 2.4 percent, respectively. Furniture and home furnishing stores and sporting goods, hobby, and book stores sales fell for the month.

Control group sales rose 0.5 percent, while growth in April’s index was also upwardly revised to 0.6 percent. The strength of May’s retail sales, and the upward revisions to prior month sales, are in line with a second quarter rebound in personal consumption expenditures after a comparatively weak start to the year. According to Wells Fargo, retail sales are expected to have come in at 0.5 percent, a fall from 0.6 percent.

At 21:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 17.2297. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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