Retail sales in the euro area rebounded in October and the euro is rising against major currencies
2018-12-05 02:01 pm | Resource: News | No Views : 38
The euro rose against most major currencies on Friday after data from the euro zone showed retail sales rebound in October
Retail sales in the euro area rebounded in October
Seasonally adjusted retail volume in the euro zone rose by 0.3% in October from a month earlier, the European Union (EU) said on Wednesday. Across the EU (consisting of 28 countries), the volume of retail sales rose by 0.1% on a monthly basis.
Where retail sales grew by 0.3 percent from September, when they fell 0.5 percent, after the recession was revised earlier reported. Economists had expected a 0.2 percent increase in October. Automobile fuel sales increased by 1.0 per cent, and food, beverage and tobacco sales increased by 0.6 per cent. In contrast, non-food sales declined by 0.1%.
Year on year, retail sales rose 1.7% in October to a 0.3% increase in September, adjusted 0.8%. Economists had expected a 2 per cent rise. In the European Union (consisting of 28 countries).
Retail sales rose 0.1% from the previous month, when they fell 0.3%. Compared to last year, sales rose 2.1% in October after rising 1.3% in the previous month. The largest increases were recorded in Slovenia, Portugal and Austria, while the worst declines were found in Finland, Denmark and Sweden.
In other words, non-food products declined by 0.1% compared to September.
Among the member states, Slovenia's biggest retail sales were up 7.9%, while Finland's biggest decline, down 2%.
The euro is up against major currencies
After the release of retail data, the euro rose against most major currencies, trading at 1.1339 against the dollar, 128.12 against the yen, 1.1320 against the franc and 0.8911 against the pound
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY faced resistance and selling pressure nearly of the resistance level of 113.58 to retract to the support level 113.20 Then start to bounce back again. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test…
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