Release Explanation: Measures the value of sales at the retail level. “A currency will be impacted by this report over time as it reveals the strength of the public in their ability, or desire, to spend” TheLFB-Forex.com Trade Team members said.
TheLFB-Forex.com Trade Team Thoughts: Retail sales in the Euro-area declined in February, following a 0.1% increase in the previous month. From one year ago, retail sales fell 4.0% in February, being the largest drop since records first started.
The February release was pulled lower, on a monthly basis, by the non-food sector, which fell 1.1%, while the food, drinks and tobacco sub-index remained unchanged. From one year ago, both the food and non-food sectors are down by 3.7%. “Retail sales were on a constant rise since 2000, but now are starting to move lower. In February, retail sales fell to the 2005 level” TheLFB-Forex said
Forex Technical Reaction: The euro was unmoved by the release. The pair is trading 40 pips above the Asian opening price and close to the TheLFB R1 (1.3525).