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EUR: eurozone retail sales smash forecast

By Callum Holmes November 8th, 2017

The euro slid against sterling and the US dollar yesterday, despite a recent run of positive economic data. Its performance against the greenback over the last month or so has seen a steady decline, albeit only slight, but this could be said to be down to signs that the US economy is starting to recover in much the same way as the eurozone’s has been throughout 2017.

Having said this, eurozone retail sales came in much better than expected in direct contrast to the UK. They were forecast to have grown by some 1.9% over the past year, but the figure actually came in at 3.7%. For the month of September, sales also came in above expectations at 0.7%.

The picture was slightly less rosy for October’s retail purchasing managers’ index reading though, as it was forecast to come in at 51.5 but was actually 51.1. Any figure above 50 indicates growth though, so the recovery appears to be continuing.