The US Census Bureau released data on retail sales in July. Compared to June, retail sales grew 0.6%, beating forecasts around 0.3%. Last month's growth rate was revised up to 0.3% from -0.2. The core components, which excludes automobile sales, grew 0.5%, also beating forecasts around 0.3%. June's core retail sales was revised up to 0.1% from -0.2%. This is the strongest gain in 7 months. US Retail Sales m/m Growth Rates (Past 12 Months)(courtesy of tradingeconomics.com)Interestingly, the USD actually fell across the board following the better-than-expected US data, which suggests more short-term pressure on the greenback. It looks like the market is pricing in doubt on whether the Fed will raise rates 2 more times in 2017, as it has been projecting. There are only 3 more meetings, the next being in late September. While the USD is still pressured, I think more strong US data should help the USD stabilize heading into September. But in the very short-term, it's hard to get behind the greenback