We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • LIVE NOW: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead https://www.dailyfx.com/webinars/175202251
  • LIVE IN 30 MIN: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead https://www.dailyfx.com/webinars/175202251
  • The possibility of a Covid-19 cure by year end keeps market sentiment high despite ongoing political tensions. Get your $USDMXN market update from @HathornSabin here: https://t.co/6DIf6krA3E https://t.co/IxeRbjHpQm
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/qqWZkK1G8B
  • The commodity currencies, AUD, CAD, and NZD, which typically benefit from their higher yield profile relative to other currencies (the carry trade), no longer hold this advantage. Get your #currencies market update from @CVecchioFX here: https://t.co/3oWXhp0hCX https://t.co/qOgXnf0JKK
  • The long-term outlook for the Euro has been boosted significantly by a Franco-German proposal for a €500 billion coronavirus Recovery Fund, even though an agreement is not yet close. Get your $EURUSD market update from @MartinSEssex here: https://t.co/onP43pXuDi https://t.co/nynDJ9P6br
  • On Friday, EUR/GBP surged to an over six-week high at 0.8940 then closed the weekly candlestick in the green with a 2.3% gain. Get your $EURGBP market update from @malkudsi here: https://t.co/ln09Ijn7rd https://t.co/OCe7fzGGC0
  • The Canadian Dollar has proven stable in recent weeks following a dramatic turn lower in March, guided to the downside by energy markets. Get your $USDCAD market update from @CVecchioFX here: https://t.co/7tlrn74X3t https://t.co/OGqZzWaxU4
  • As political tensions between the US and China increase, $gld is picking up a safe-haven bid ahead of the long weekend and may look to press higher. Get your $XAUUSD market update from @nickcawley1 here: https://t.co/boUn4vyfCO https://t.co/sVtnBALhw7
  • Both WTI and Brent crude futures have conformed to the negative risk tone, however, investors will be eying the latest Baker Huges rig count for another drop in #oil rigs. Get your market update on currencies, commodities & stocks from @JMcQueenFX here: https://t.co/G6CEBzNXVA https://t.co/gosmDwkKSX
Euro-Zone Retail Sales Decline in February

Euro-Zone Retail Sales Decline in February

2013-04-05 10:41:00
Benjamin Spier, Technical Strategist
Share:

THE TAKEAWAY: Euro-zone retail sales decline by 0.3% in February -> Economic growth in Q1 in question -> Euro trading steady

Euro-zone retail sales declined by 0.3% in February, slightly better than the expected 0.4% decline, but the expectations beat was counterbalanced by the revision of January’s rise in retail sales from 1.2% to 0.9%. Retail sales declined 1.4% from February 2012, according to Eurostat.

Food, drinks and tobacco sales fell by 0.1% in February in the Euro-zone, non-food sector sales decreased by 1.1%. Following yesterday’s four year low reported in France’s composite PMI, retail sales were reported to have fallen by 2.2% in France. Germany’s retail sales rose 0.4% in February.

The Euro-zone economy has experienced five straight quarters of economic contraction ending with Q4 2012, and Markit reported in yesterday’s PMI release that it predicts the recession will continue into the recently ended first quarter. Signs of further economic decline are Euro negative.

However, today’s retail sales release did not significantly affect Euro trading in Forex markets. EUR/USD rose above a year-long trend line in yesterday’s rally, and may now see support by the line, currently at 1.2925. Resistance may be provided at the key 1.3000 line.

The Euro received a boost to 1.2930 on a better than expected German factory orders release. Orders rose 2.3% in February (seasonally adjusted), beating expectations for 1.1% and higher than the revised 1.6% drop in sales in January.

The ECB announced today that European banks will pay back next week about 8 billion Euros of the two 3-year LTRO loans. That amount is slightly higher than the 7 billion Euros paid back this past week, but had no significant effect on Euro trading.

US Non-farm payroll changes will be announced at 12:30 GMT, and the result may not only affect US Dollar pairs, but general risk appetite in all markets.

(New to FX? Watch this free introductory course.)

EURUSDDaily: April 05, 2013

Euro-Zone_Retail_Sales_Decline_in_February_body_eurusd_daily_chart.png, Euro-Zone Retail Sales Decline in February

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.