Eurozone retail sales fell in August, data showed on Thursday, pointing to weakness in consumer demand and a looming recession.
Eurozone retail sales YoY: -2% (forecast -1.7%, previous -0.9%)
The European Union’s statistics office, Eurostat, said that retail sales in the 19 countries that share the euro fell by 0.3 percent in the month, down 2.0 percent.
Economists polled by Reuters had expected a 0.4% monthly decline and a 1.7% year-on-year decline.
Falling retail sales, seen as a proxy for consumer demand, reflected economists’ expectations that the euro zone could slip into recession in the coming quarters, fueled by energy price shocks caused by Russia’s invasion of Ukraine.
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Euro
Euro
Euro (EUR) is the official currency of the European Union (EU) and 19 of its 27 member states. It is the second most traded currency in the world after the US dollar. The euro was first introduced on January 1, 1999, replacing the European currency unit. Banknotes and physical euro coins entered circulation in 2011. It was only in 2002. After its adoption, the euro replaced local currencies in EU member states. Since then, its rise in value and importance in the global market has helped cement its status as one of the most important currencies in the FX market today. Along with the USD, the currency pair is easily one of the most important forex, with exposure to the two major economic groups. What factors affect the Euro? There are many factors affecting the euro. As with most currencies, it is heavily influenced by monetary policy, in this case the European Central Bank (ECB). Euro currency traders are therefore regularly adjusted to any decisions or announcements from the ECB. With 19 sovereign member states, the euro is particularly vulnerable to political developments. Recent examples include the Greek debt crisis and Brexit, among others, which could have a significant impact on the euro. Finally, economic data from the Union or major member states such as Germany, France, Spain and others are also closely watched. This includes retail sales, jobless claims, gross domestic product (GDP), and more.
Euro (EUR) is the official currency of the European Union (EU) and 19 of its 27 member states. It is the second most traded currency in the world after the US dollar. The euro was first introduced on January 1, 1999, replacing the European currency unit. Banknotes and physical euro coins entered circulation in 2011. It was only in 2002. After its adoption, the euro replaced local currencies in EU member states. Since then, its rise in value and importance in the global market has helped cement its status as one of the most important currencies in the FX market today. Along with the USD, the currency pair is easily one of the most important forex, with exposure to the two major economic groups. What factors affect the Euro? There are many factors affecting the euro. As with most currencies, it is heavily influenced by monetary policy, in this case the European Central Bank (ECB). Euro currency traders are therefore regularly adjusted to any decisions or announcements from the ECB. With 19 sovereign member states, the euro is particularly vulnerable to political developments. Recent examples include the Greek debt crisis and Brexit, among others, which could have a significant impact on the euro. Finally, economic data from the Union or major member states such as Germany, France, Spain and others are also closely watched. This includes retail sales, jobless claims, gross domestic product (GDP), and more.
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