Eurozone Retail Sales rises 0.1% MoM in August, misses 0.2% estimates

Sagar Dua FXStreet

Eurozone Retail Sales rises at a 0.1% pace Month-on-Month (MoM) in August, slower than 0.2% estimates. In July, the Retail Sales data, a key measure of consumer spending, declined by 0.6%.

On an annualized basis, the consumer spending measure grew at a slower pace of 0.8%, compared to a 1% estimate, but faster than the previous reading of 0.4%, revised lower from 0.6%.

Market reaction

No major action is seen in the Euro (EUR) after the Eurozone Retail Sales data release. As of writing, EUR/USD is up 0.17% to near 1.12347.

(This story was corrected at 09:30 GMT on Tuesday to say in the second paragraph that the previous reading of 0.4%, revised lower from 0.6%, and not higher.)

Economic Indicator

Retail Sales (MoM)

The Retail Sales data, released by Eurostat on a monthly basis, measures the volume of retail sales in the Eurozone. It shows the performance of the retail sector in the short term, which accounts for around 5% of the total value added of the Eurozone economies. Retail Sales data is widely followed as an indicator of consumer spending. Percent changes reflect the rate of changes in such sales, with the MoM reading comparing sales volumes in the reference month with the prior month. Generally, a high reading is seen as bullish for the Euro (EUR), while a low reading is seen as bearish

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