JP Morgan is looking for a considerable miss on todays US Retail Sales data. The consensus is for a 0.2% decline however their recent analysis of consumer spending  “aligns with recent indications that the Delta variant may be suppressing consumer spending and we look for a well below consensus 1.5% m/m drop in tomorrow’s July retail sales report.”

Retail Sales measures the total receipts domestically for retail stores, with a higher reading positive for the USD and a lower reading negative for the USD.