President Donald Trump said that the U.S. would slap a 25 percent tariff on cars coming from the European Union.
WASHINGTON (Reuters) - U.S. retail sales rose more than expected in July as households boosted purchases of motor vehicles and clothing, suggesting the economy remained strong early in the third quarter.
The euro fell to its lowest level since July 2017 and the dollar rallied as Washington piled pressure on Ankara and Moscow. The lira went into free-fall, sinking more than 10 percent to all-time lows.
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.
The MPC voted by 9-0 to increase Bank Rate by 0.25 percentage points, to 0.75%.
U.S. President Donald Trump sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports
The S&P 500 and Dow slipped on Wednesday as gains in Apple shares were offset by a drop in energy and industrial companies, while the U.S. Federal Reserve remained on course for an expected interest rate hike in September.
The Committee decided to maintain the target range for the federal funds rate at 1-3/4 to 2 percent.
Policy balance rate at -0.1 percent and cut inflation forecasts for the current year and for 2019 and 2020
Stocks in Europe edged higher on the heels of a mixed session in Asia as corporate earnings again took a front seat. The dollar and Treasuries were steady before the release of U.S. gross domestic product data.