Eurozone Retail Sales Ignored Ahead of Lagarde, Powell, and U.S NFP Numbers

It was a quieter day on the economic data front. Eurozone retail sales figures were in focus.

In April, retail sales fell by 3.1%, month-on-month, reversing most of a 3.3% increase from March. Economists had forecast a more modest 1.2% decline.

According to Eurostat,

• The volume of retail trade decreased by 5.1% for non-food products and by 2.0% for food, drinks, & tobacco.
• There was a 0.4% increase in automotive fuel sales, however.
• Slovenia (-10.4%) and France (-6.0%) logged the largest declines in the month of April.
• Portugal (+4.3%), Latvia (+3.8%), and Lithuania (+3.7%) recorded the largest increases in April, however.
• Compared with April 2020, retail trade had jumped by 23.9%.
• Year-on-year, automotive fuel sales surged by 65.5%, non-food products by 42.6%, and food, drinks & tobacco by a modest 3.3%.
• Luxembourg (+46.1%) and France (+42.1%) recorded the highest annual increases in retail trade.

Market Impact

Ahead of today’s numbers the EUR had risen to a pre-stat high and current day high $1.21322 before easing back to a pre-stat and current day low $1.21041.

In response to today’s stats, the EUR fell to a post-stat low $1.21085 before striking a post-stat high $1.21177.

At the time of writing, the EUR was down by 0.04% to $1.21111.

Next Up

ECB President Lagarde and FED Chair Powell ahead of U.S non-farm payrolls…

The markets are expecting Lagarde to reassure and NFP numbers to surge. Comments from Powell are less predictable, however, on the asset purchasing program.