Eurozone retail sales fell 0.1% month over month in February -> consumers curbed spending following rising oil prices and government budget cuts -> EUR/USD furthers daily selloff by a few points
Eurozone retail sales fell 0.1% during February, compared to the previous month. Year over year, sales were down 2.1% for February. The data beat analysts’ expectations by 0.1% for month over month but was 1% lower than expected on the year. The data was released by the European Union’s statistics office.
Germany lead the decline in retail sales, as consumers cut their spending for the month because of rising oil prices and government budget cuts. The retail sales number can be seen as a gauge for the area’s general economic health.
EUR/USD only dropped a few points following the release of the data. The importance of the retail sales was muted by the ECB decision over interest rates that will take place later today. EUR/USD is down 60 points today following the previous day’s Fed comments and before today’s ECB meeting.