Eurozone Retail Sales rise by 3.1% YoY in July vs. 4.8% expected

• Eurozone Retail Sales fell by 2.3% MoM in July vs. +0.1% expected.

• Retail Sales in the bloc rose by 3.1% YoY in July vs. 4.8% expected.

Eurozone’s Retail Sales unexpectedly dropped by 2.3% MoM in July versus 0.1% expected and 1.8% last, the official figures released by Eurostat showed on Friday.

On an annualized basis, the bloc’s Retail Sales increased by 3.1% in July versus 5.0% booked in June and 4.8% estimated.

FX implications

The euro meets fresh supply on the downbeat Eurozone Retail Sales data.

At the time of writing, the major trades at 1.1869, testing daily lows, having shaved-off gains for the day.

About Eurozone Retail Sales

The Retail Sales released by Eurostat are a measure of changes in sales of the Euro zone retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. Usually, the positive economic growth anticipates "Bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.