EUR/USD

U.S. retail sales recorded their smallest gain in six months in August as consumers cut back on purchases of motor vehicles and clothing, but upward revisions to July data kept intact expectations of strong economic growth in the third quarter.

Today’s ECB press conference did not bring major news. Despite an intensification of external risks, namely protectionism and turbulence in emerging markets, the ECB remains constructive on the Eurozone growth outlook and the inflation path over the medium term.

U.S. CPI increased 0.2% last month after a similar gain in July. In the 12 months through August, the CPI increased 2.7%, slowing from July's 2.9% advance. Excluding the volatile food and energy components, the CPI edged up 0.1%. The so-called core CPI had increased by 0.2% for three straight months.

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