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Forex News: Euro-Zone Retail Sales Improve for the First Time in Four Months

Forex News: Euro-Zone Retail Sales Improve for the First Time in Four Months

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone retail sales improve for the first time in four months -> Unemployment remains at a record high -> Euro trading unchanged

Euro-zone consumer confidence rebounded slightly in December from a 3-year low, according to the European Commission’s final estimate. The final estimate of the confidence survey revised the result to -26.5 from a previous -26.6 estimate.

Euro-zone retail sales climbed 0.1% in November, the first time the area saw a rise in retail sales in four months. The rise in sales was not as good as the expected 0.3% rise in retail sales. Retail sales were 2.6% lower than November 2011 according to Eurostat.

Also reported today by Eurostat, the Euro-zone unemployment rate remained at 11.8%, which is the highest employment rate on record from the past 20 years.

The Euro-zone has been suffering from the Euro-debt crisis, and the ECB recently forecasted that the area’s economy will only stabilize well into 2013. News of an improving Euro-zone economy would be Euro positive.

However, the Euro did not react significantly to the economic releases and continues to trade slightly above 1.3100 against the US Dollar in Forex markets. Resistance could be provided by 1.3158, which has provided some resistance over the past few months, and support could be provided at the key 1.3000 level.

EURUSD Daily: January 8, 2013

Euro-Zone_Retail_Sales_Improve_for_the_First_Time_in_Four_Months_body_eurusd_daily_chart.png, Forex News: Euro-Zone Retail Sales Improve for the First Time in Four Months

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