EMU Retail Sales - MoM
|Latest Release:||03-12-2014 10:00:00|
|Next Release:||06-11-2013 10:00:00|
The EUR/USD continues to trade on the defensive ahead of the U.S. Jobs report. While the ECB's refrained from taking a more dovish posture somewhat disappointed market expectations to some degree, there should not be a change in market sentiment as the widening growth divergence between the Eurozone and U.S. economies, continues to drive central bank activity. The central bank is concentrating on easing measures already announced last month, and which have yet to impact. A revision lower to the final Eurozone services PMI data added to selling impetus Friday.
Eurozone August retail sales rose 1.2% month over month, after falling -0.4% month over month in July. The three months trend rate rose to 0.6% from 0.3% in the three months to July and the annual rate jumped to 1.9% year over year from 0.5% year over year.
The Eurozone services PMI was revised down to 52.4 from 52.8 reported initially and versus 53.1 in August. The composite reading was revised down to 52.0 from 52.3 and versus 52.3 in the previous month.
The reading still point to expansion in overall economic activity, but the marked slowdown in recent months, coupled with other weak indicators will add to concerns about the outlook for the overall Eurozone economy.
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