Eurozone Retail Sales rise 2.1% in Aug, beat estimates - EUR/USD off highs
|Eurozone Retail Sales rebounded in August, according to the latest data published by the EU's statistics agency, Eurostat, on Thursday.
Retail Sales in the 19-nation bloc rose by 0.3% m/m in August vs. -0.5% seen in July and +0.3% expectations. On an annualized basis, Eurozone Retail Sales rose by 2.1% in the reported month vs. +2.2% previous and +1.9% expected.
Meanwhile, Eurozone August Producer Price Index (PPI) arrived at -0.5% m/m vs -0.3% expected and +0.1% last while the yearly data came in at -0.8% vs. -0.5% expected and +0.1% prior.
The EUR/USD pair is seen fading a spike to 1.0974 highs as upbeat Eurozone Retail Sales is overshadowed by the bloc’s Producer Price Index (PPI) disappointment.
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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