Mubasher: Initial official estimates showed that US retailers saw a seasonally adjusted 0.7% sales growth in July, compared with a gain of 0.3% recorded in the upwardly revised reading for June, as Americans stepped up their spending.

Retail sales, a gauge of purchases at stores, at restaurants and online, recorded $523.5 billion last July, rising from a revised $519.9 billion in the previous month, the US Census Bureau reported on Thursday.

This marked the fifth consecutive monthly sales growth.

On an annualised basis, retail sales climbed by 3.4% last July.

By 12:25 pm GMT, the US dollar index ticked down by 0.09% to 97.90.