According to the latest Eurostat data, retail sales dynamics in euro area slowed down in April to 0.1% (forecast 0.2%) m/m. On annual basis, the same indicator recorded acceleration to 2.5% (2.3% forecast) y/y. How does EUR react to data?
Slowdown of retail trade dynamics in Europe was mainly affected by lower volume of non-food products – especially textiles, clothes and footwear. Less consumers were also interested in fuel for vehicles.
EUR seems to be rather unimpressed by the morning publication, slightly moving down few pips. On daily chart EUR/GBP rebounds from the trend line and continues to depreciate. The first place of support can be zone 0.8700-0.8670:
