Euro Zone Retail Sales rebounded in February but given the revisions to the previous data the headlines still look a little on the weak side. On the month the rise of 0.3% comes against the expectations for a +0.5% headline, however, when you add into the equation the revision to -0.8% from -1.0% the weakness looks slightly compounded.
On an annualized basis the +1.2% looks close to the consensus +1.1% expected but the previous -0.1% headline was converted +1.1% reading. The Euro looks to have taken the release in its stride and EUR/USD still trades in the 1.3350's with offers into 1.3360 capping the topside. Yet dealers remain wary of going long near the highs as central bank sellers are rumored to be looking for a rally towards the 1.3370/75 area.
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