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Analysts at TD Securities suggest that the US retail sales will provide the highlight of a number of data releases and they are looking for headline sales to rise by 0.3% (market: 0.1%), with motor vehicles acting as a drag on a pullback in auto sales.

Key Quotes

“This should leave ex-auto sales up 0.6% while sales for the control group should rise by 0.5% (market: 0.3% & 0.5%, respectively).”

“Empire manufacturing and nonfarm productivity will be released alongside retail sales. The market consensus is for Empire Manufacturing to edge lower to 20 in July while TD looks for Q2 productivity to increase by 2.4%, with unit labor costs up 1.0% (market: 2.4%, 0.0%, respectively). Industrial production will round out the data flow and TD is looking for a 0.4% increase (market: 0.3%).”