European retail sales tick higher year on year to 3.1%
|- EU yearly retail sales beat expectations to print a rise of 3.1%.
- EUR/USD is stuck near the highs of the day as the news fails to inspire an immediate reaction.
EU retail sales have been mixed of late but today's monthly number came in line at 0.1% but the year on year figure rose to 3.1%.
Consumer spending in the EU is an important part of the EU's overall issues. After a long period of monetary stimulus, the reading is a good indicator of economic health.
If the shops perform well and the retail sales numbers tick higher it does give you an indication of consumer sentiment.
According to the official document, the highest increases in the total retail trade volume were registered in Croatia (+2.6%), Ireland (+2.4%) and Romania (+0.7%). The largest decreases were observed in Portugal (-2.4%), Latvia (-1.0%) and Slovenia (-0.7%).
The EUR is reeling from losses yesterday and this morning we have seen a mild retracement. The retail sales figure does not usually inspire a massive amount of volatility unless it is pretty far out of the consensus estimates.
EURUSD is hovering just under the 1.11 level and has pushed 0.15% higher this morning. EUR/GBP is also higher as political woes still hang over the UK like a dark cloud. Right now the pair is also 0.18% higher indicating that this is a mild EUR move to the upside.
Later in the session, we get US unit labour costs and non-farm productivity along with a whole host of speakers including Fed's Harker, Williams, Evans and ECB's de Guindos, Mersch and Holzmann
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.