Eurozone Retail Sales plunge 3.7% YoY in June vs. -1.7% expected

• Eurozone Retail Sales stood at -1.2% MoM in June vs. 0.0% expected.
• Retail Sales in the bloc arrived at -3.7% YoY in June vs. -1.7% expected.

Eurozone’s Retail Sales fell by 1.2% MoM in June versus 0.0% expected and 0.4% last, the official figures released by Eurostat showed on Wednesday.

On an annualized basis, the bloc’s Retail Sales came in at -3.7% in June versus 0.4% recorded in May and -1.7% estimated.

Separately, Eurozone’s Producer Price Index (PPI) arrived at 35.8% and 1.1%, YoY and MoM respectively. Both readings surpassed market expectations.

FX implications

The euro is holding the renewed upside below 1.0200 on the mixed Eurozone data. At the time of writing, the major is trading at 1.0190, higher by 0.24% on the day.

About Eurozone Retail Sales

The Retail Sales released by Eurostat are a measure of changes in sales of the Eurozone retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. Usually, the positive economic growth anticipates "Bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.