News Column

Euro Falls Vs Most Majors As German Retail Sales Fall Unexpectedly

August 28, 2014

BRUSSELS (Alliance News) - The euro weakened against most major currencies ahead of European session on Friday after data showed that German retail sales declined unexpectedly in July.

Data from Destatis showed that retail turnover declined by real 1.4% month-on-month in July, reversing the 1% increase in June. Economists had forecast a 0.1% rise for July.

On a yearly basis, retail sales growth accelerated to 0.7% in July from 0.1% in June. Nonetheless, the rate of growth was weaker than the 1.5% rise forecast by economists.

The euro fell to 1.3167 against the US dollar, 0.7938 against the pound and 136.69 against the yen, from early highs of 1.3185, 0.7948 and 136.84, respectively.

If the euro extends its downtrend, it is likely to find support around 0.790 against the pound, 1.313 against the greenback and 135.65 against the yen.

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Source: Alliance News

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