US JUNE RETAIL SALES -0.5% (vs exp -0.2% and prev -1.1%), ex autos -0.1% from prev -1.2%. Better but not good enough is one way to sum up these figures. Youd have to remove autos, gas and building material to obtain a positive retail sales figure. The 1.3% DECLINE IN JUNE IMPORT PRICES was the biggest decrease since Jan 2009. This is a vocal message of disinflationary conditions, which will further dampen any inflationary fears from the hawkish members of the FOMC. Watch the US 10-year yield retreating towards 3.0% especially after what we believe to be another dovish set of minutes from the FOMC. EURGBP is vulnerable to 0.8260 and 0.8210 in medium term. TUNE IN FOR ASHRAF's WEBINAR THIS SUNDAY