Today's eurozone retail sales reading YoY showed a decline of -1% vs. -1.3% expected and -0.8% previously
- On MoM basics, retail sales rose 0.1% slightly below the 0.2% forecast, but still much better, from -1.1% previously
Construction PMI also performed better than forecast for almost all, major European economies (ex. Italy)
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- Germany: 39.1 vs. 36.3 previously
- France: 41.9 vs. 39.6 previously
- Italy: 50.3 vs. 51.6 previously
- United Kingdom: 49.7 vs 49 forecast and 48.8 previously
EURUSD struggled against a key resistance level but in the end, the pair breakout above the 23.6 Fibonacci retracement level of the upward wave from the fall of 2022. A breakout above this level could open the way to new multi-month peaks towards 1.12.
Source: xStation5
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