Today's US data is generally on the firmer side in terms of activity and jobs, while import prices are a touch softer than anticipated. Overall, it supports the view that there is little pressing need for another interest rate cut from the Federal Reserve. Retail sales rose 0.6% month-on-month in June versus expectations of a 0.1% gain. We tend to focus more on the 'control group', which strips out volatile components such as autos, building materials, gasoline and eating out as this tends to better align with broader consumer spending trends (including services) and therefore gives us a better guide to consumption ... (full story)