Eurozone Retail Sales dropped in July due to a decline in the sales of clothing, according to the latest data published by the EU’s statistics agency, Eurostat, on Wednesday.
Retail Sales in the 19-nation bloc fell by 0.6% m/m in July vs. +1.2% seen in June and -0.6% last. On an annualized basis, Eurozone Retail Sales rose by 2.2% in the reported month vs. +2.8% previous and +2.0% expected.
The EUR/USD pair extends its recovery mode above the 1.10 handle despite a drop in the Eurozone Retail Sales and dovish ECB President Nominee Lagarde, as broad-based US dollar weakness continues to push the pair higher.
About Eurozone Retail Sales
The Retail Sales released by the Eurostat is a measure of changes in sales of the Eurozone retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. Usually, the positive economic growth anticipates “Bullish” for the EUR, while a low reading is seen as negative, or bearish, for the EUR.
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