Speculation of an above expectation Euro Zone Retail Sales release proved totally unfounded as the headline failed to beat forecasts, despite a significant downward revision to the previous data. Falling by 0.6% on the month the data came close to the predicted -0.5% consensus but with the previous reading revised from +0.7% to +0.5% the data is disappointing.
Adding to this is the drop in the year-on-year reading to just +1.4% from a downwardly revised +2.0%, Vs the previous +2%, against the forecasts for a +2.0% publication. The release has done little to alter the Euro and EUR/USD continues to trade comfortably in the 1.2760's, however, the numbers have dented the pre-release rally and should selling accelerate then a run back at the 1.2745/50 bids will be looked for.
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