EUR/USD drops as Eurozone retail sales disappoint at -0.5% vs -0.2% expected
EUR/USD declined 0.2% to 1.1095 following weaker-than-expected Eurozone retail sales data for July. The -0.5% month-over-month decline significantly missed the -0.2% forecast, despite June's figure being revised higher from +0.3% to +0.6%. The breakdown revealed broad-based weakness: food, drinks, and tobacco sales fell 1.1%, automotive fuel dropped 1.7%, while non-food products managed only a marginal 0.2% increase. This disappointing data adds to concerns about Eurozone consumer demand and could influence ECB policy decisions. The euro faces immediate support at 1.1080 (daily pivot), with resistance at 1.1120 (50-day moving average). Traders should monitor upcoming ECB communications for potential dovish shifts, as persistent retail weakness may prompt reassessment of the central bank's tightening cycle.
Related Symbols:
EURUSD
This is a summary of the original article by Forexlive. To read the complete article, please visit the source website:
Read Full Article at ForexliveNews data provided by Finnhub. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
