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U.S. vehicle sales rebound in June, rise 3.1 percent to 17.38 million units

U.S. vehicles sales rose in June, rising 3.1 percent to 17.38 million units, as compared with consensus forecast of 17 million units. Sales across top-selling brands were generally higher, with FCA, General Motors, Honda and Toyota recording the largest gains. Other brands including Nissan and Kia saw more modest gains on the month. Sales of passenger vehicles rose 0.2 percent sequentially, while light trucks rose 4.6 percent sequentially.

Vehicle sales have rebounded in June after falling in April and May. Relative to year-ago levels, sales rose a sound 4.6 percent. With the underlying data being slightly volatile on a sequential basis, the 3-month moving average tends to give a better sense of the underlying trend. Auto loan rate has risen 75 basis points to current 4.25 percent since bottoming in 2016.

The U.S. is set to impose a 25 percent tariff on USD 34 billion of Chinese imports targeting industrial machinery, aerospace, and transportation goods effect 6th July, noted TD Economics in a research report.

At 21:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was bearish at -77.0829. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

By Aditi Awati
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