EUR: Growth slows across the retail, services and composite sectors

Several economic releases from the eurozone came in below expectations yesterday, in what was quite the surprise. On a monthly basis, retail sales were forecast to dip by 0.4%, but they actually fell by 1.1%, while on an annual basis they had been expected to grow by 2% but the figure was 0.4%.

Meanwhile, the services and composite PMI figures from Germany came in at 54.3 and 57.3 respectively (against an expectation of 54.9 and 57.6). The figures are still above 50 and therefore show growth, but it has slowed a little over the previous month. The composite and services PMI for the eurozone as a whole came in exactly as forecast, at 57.5 and 56.2 respectively.

Today we have the retail PMI for the eurozone and the ECB are set to hold their non-monetary policy meeting.