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EUR/USD Slips Towards $1.3700 Despite Best Retail Sales Since 2001

EUR/USD Slips Towards $1.3700 Despite Best Retail Sales Since 2001

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Euro-Zone GDP tracking at +0.3% q/q and +0.5% y/y as expected.

- Return of the consumer?Largest Euro-Zone Retail Sales increase since November 2001.

- EURUSD hits low of 1.3706 after the data.

The Euro has been one of the more resilient currencies the past several months but today’s data couldn’t help keep the single currency supported. Confirmation that the Euro-Zone only grew at a very modest pace in the 4Q’13 may be knocking some reality back into the picture as traders get ready for the European Central Bank’s meeting on Thursday.

Notably, the January consumption figures released at the top of the hour speak strongest for the Euro’s future prospects. Retail Sales climbed by +1.6% m/m in the first month of the year, the largest single-month increase since November 2001

Nevertheless, here’s the data hurting the Euro:

- EZ Gross Domestic Product (4Q P): +0.3% as expected unch (q/q); +0.5% as expected unch (y/y).

- EZ Retail Sales (JAN): +1.6% versus +0.8% expected, from -1.3% (revised higher from -1.6%) (m/m); +1.3% versus -0.2% expected, from -0.4% (revised higher from -1.0%) (y/y).

See the DailyFX Economic Calendar for all of this week’s Euro data releases.

EURUSD 1-minute Chart: March 5, 2014

EURUSD_Slips_Towards_13700_Despite_Best_Retail_Sales_Since_2001_body_x0000_i1027.png, EUR/USD Slips Towards $1.3700 Despite Best Retail Sales Since 2001

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the data, the EURUSD reengaged its overnight slip, falling from $1.3732 on the release to as low as 1.3706. At the time this report was written, the EURUSD was trading at 1.3716.

--- Written by Christopher Vecchio, Currency Analyst

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