By Benjamin Spier,

Eurozone retail sales fell 0.1% month over month in February -> consumers curbed spending following rising oil prices and government budget cuts -> EUR/USD furthers daily selloff by a few points

Eurozone retail sales fell 0.1% during February, compared to the previous month. Yearover year, sales were down 2.1% for February . The data beat analysts’ expectations by 0.1% formonth over month but was 1% lower than expected on the year. Thedata was released by the European Union’s statisticsoffice.

Germany lead the decline in retail sales, as consumers cut their spending for the month because of rising oil prices and government budget cuts. The retail sales number can be seen as a gauge for the area’s general economic health.

EUR/USD only dropped a few points following the release of the data. The importance of the retail sales was muted by the ECB decision over interest rates that will take place later today. EUR/USD is down 60 points today following the previous day’s Fed comments and before today’s ECB meeting.
DailyFX is the forex news and research arm of FXCM, Inc (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.

Original Article: http://www.dailyfx.com/forex/market_alert/2012/04/04/Eurozone_Retail_Sales_Fell_in_Februaury_.html

DailyFX is the forex news and research arm of FXCM (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.

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