The dollar has risen against the pound on the back of positive retail sales data, which came in stronger than expected. Sales rose by 0.4% in June, ahead of expectations for 0.1%.
In trade war news, President Trump has said that the US and China still have a long way to go before reaching a trade deal. He added that he could impose tariffs on an additional $325 billion worth of Chinese goods if needed.
As speeches from key members of the Federal Reserve continue, two policymakers debated over how deep the cut should be, with a third saying that more data is needed before a cut is made at all. It therefore seems that is not certain that there will be an interest rate cut at the end of the month.
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