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.
Traders await the Eurozone CPI for August and unemployment rate for July to be released shortly.
Eurostat will release its flash harmonized index of consumer prices, or HICP, figures for August and the July unemployment report for the Eurozone. Inflation is expected to ease marginally to 0.3% in August from 0.4% in July. The core HICP is estimated to grow at the stable rate of 0.8% year-over-year. The jobless rate is forecast to remain unchanged at 11.5% in July.
The currency is looking for a lifeline in Eurozone CPI Report ahead of ECB policy meeting on
Meanwhile, tensions between
The euro slipped to more than a 2-week low of 0.7934 against the pound, from an early high of 0.7948. If the euro extends its downtrend, it is likely to find support around the 0.791 area.
The euro fell to 1.3159 against the US dollar and 1.2056 against the Swiss franc, from early highs of 1.3185 and 1.2066, respectively. The euro may test support near 1.314 against the greenback and 1.204 against the Swiss franc.
The euro, which ended yesterday's deals at 136.69 against the yen, edged down to 136.57. This may be compared to an early high of 136.84. On the downside, 135.68 is seen as next support level for the euro.
Data from the
Looking ahead, Canada GDP for June, US personal income and spending data for July and Reuters/University of
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