Forex News Preview: US Retail Sales due out at 8:30 AM EDT

8:30 AM EDT, US Retail Sales for the month of July.
Estimate: -0.1% versus +0.1% last month.  Core Retail Sales (less Autos) +0.5% versus +0.8% last month.    The US Retail Sales Report for July will be released at 8:30 AM EDT.   Last month the sales showed a small gain of 0.1% for the headline figure and a greater 0.8% gain for the core measure that excludes automobile purchases.  The gain was less than expectation and the smallest gain since February.  The effects of the tax rebate were beginning to fade and the high cost of energy and slower employment growth led to a more sanguine consumer. 

This month the expectation is for a decline of 0.1% and a gain of +0.5% for the core reading.  A weaker reading may lead to some dollar selling as focus shifts back to US weakness.