The dollar was weak yesterday afternoon as retail sales fell for the first time in seven months in September. Sales dropped 0.3%, marking the first drop since February and suggesting that weaknesses in the manufacturing sector are spreading to other areas of the economy.
This poor data increased expectations of an interest rate cut from the Federal Reserve later this month.
In a speech yesterday, Chicago Federal Reserve President, Charles Evans, said that the Fed should be “proactively” cutting rates, stressing the importance of responding to downside risks.
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