Euro Rises Further on Surprisingly Higher Retail Sales
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
“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”