Softer-than-expected US Retail Sales pulled the US 10-year bond yield down to 4.22% (4.27%).
AUD rallies, JPY stays weak, CHF rallies, DXY dips Summary: Softer-than-expected US Retail Sales pulled the US 10-year bond yield down to 4.22% . A good US Treasury auction result lifted bond prices, pushing yields lower. The Commerce Department reported that US Retail Sales grew at a slower than anticipated pace in May of 0.1%, against forecasts of 0.3%. April’s Sales were also revised lower. Fed officials stressed the need for more evidence of cooling inflation before lowering interest rates.
On the lookout: Today’s economic calendar kicked off with New Zealand’s Current Account data, which beat forecasts, coming in at -NZD 4.36 billion, against -NZD 4.55 billion, and better than the previous -NZD 7.84 billion. The Kiwi was unchanged from this morning’s opening, at 0.6143. Japan released its June Reuters Tankan Index, which fell to 6 from 9 previously, missing estimates at 12. The Bank of Japan releases the minutes from its policy meeting shortly.
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