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06.08.2024

European session review: EUR weakens after Eurozone’s June retail sales data

TimeCountryEventPeriodPrevious valueForecastActual
06:00GermanyFactory Orders s.a. (MoM)June-1.7%0.8%3.9%
08:30United KingdomPMI ConstructionJuly52.252.755.3
09:00EurozoneRetail Sales (MoM)June0.1%-0.1%-0.3%


EUR fell against most of its major rivals in the European session on Tuesday, following worse-than-expected euro-area retail sales data for June.

Eurostat reported that retail sales in the euro region declined 0.3% MoM in June, following a 0.1% MoM uptick in the previous month. This was the steepest decrease since December 2023 (-0.5% MoM). Economists had predicted a 0.2% MoM fall. 

On a YoY basis, retail sales also dropped 0.3%, which marked the first annual decrease in four months. The print disappointed economists, who had foreseen a 0.2% YoY growth and added to worries about the Eurozone’s economic prospects in the second half of the year.

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