Eurozone Retail Sales decline unexpectedly 0.6% MoM in July
Eurozone Retail Sales contracted at a 0.6% pace Month-on-Month (MoM) in June, while they were anticipated to rise by 0.3%. June's data revised higher to 0.2% from -0.3%.
Eurozone retail sales unexpectedly fell by 0.6% in July compared to the previous month, according to data released by Eurostat. The decline was more significant than the market had anticipated, with economists expecting a 0.3% increase. The revised June figure also saw a significant uptick from -0.3% to 0.2%. On an annualized basis, retail sales grew at a slower pace of 0.6%, falling short of estimates and the previous reading of 1.4%, which had been revised up from 0.7%.
As a result, the Euro (EUR) faced slight selling pressure following the release of the Eurozone Retail Sales data. Currently, EUR/USD is hovering slightly below the 1.1622 mark.
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