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Euro Rises Further on Surprisingly Higher Retail Sales

Euro Rises Further on Surprisingly Higher Retail Sales

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone retail sales rise 0.1% in August -> 4 straight months of higher retail sales -> Euro trading at a new daily high

Euro-zone retail sales surprising grew for the fourth straight month in August. Sales were up 0.1%, beating expectations for a 0.1% drop in retail sales and remaining consistent with July’s revised 0.1% growth in sales. Retail sales were 1.3% lower than August 2011, according to Eurostat.

Food, drinks, and tobacco sales grew by 0.1% in August. However, non-food sales dropped by 0.7% over the same month. Luxembourg saw the biggest rise in retail sales, up 2.9%, while Spain saw a 2.1% increase in retail sales. Meanwhile, France saw a 0.8% drop in retail sales in August.

A rise in retail sales is a good sign for the Euro-zone economy, so the Euro rose slightly following the surprising rise in sales. EURUSD is trading at a new daily high and further above 1.2900. Some resistance has been recently seen slightly above 1.2960.

EURUSD 15-minute: October 3, 2012

Euro_Rises_Further_on_Surprisingly_Higher_Retail_Sales_body_eurusd_daily_chart.png, Euro Rises Further on Surprisingly Higher Retail Sales

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