Notably, US retail sales unexpectedly soared in June, up 0.6% MoM, while the median consensus called for a 0.4% decline. The same indicator, excluding car sales, surged 1.3% MoM instead of 0.4% expected. However, the weak University of Michigan Consumer Confidence Index for July should be noted. It came in at 80.8, falling well short of the 86.5 median forecast.
Nonetheless, positive sentiment in the dollar clearly outweighs the negativity at this point, as reflected by the market on Monday. EURUSD breached the 1.1771 support level, retracing to its April 5 low. If the current trend persists, the target for the pair will be 1.1704.