Retail Sales figures for the month of March have been announced in the Eurozone. The announced rate of a 1% decline in the Retail Sales was severely less than 0.1% the market speculated, while at the previous month the rate showed a 0.1% decline. On a year to year basis the figure declined by 1.7% as opposed to a 0% the market speculated and the 0.1% rise the previous month ended. Following the announcement the EURUSD pair dropped by only 12 but immediately recovered after and rose even more. Investors are focusing on more important indicators such as interest rates hikes and Friday’s Non-Farm Payrolls in the USA.
The Retail Sales calculate changes in sales in the retail sector. It measures the retail sector’s short term performance. Changes are usually interpreted as an indication of consumer spending. Usually, a high reading signals positive economic growth and is associated by hawkish behavior of the currency.