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In May, monthly retail sales in the euro zone didn’t change after a tiny sag the previous month, as official data published on Tuesday by Eurostat disclosed. It dropped a hint at stagnant consumption in the 19-country bloc.
The European statistics office told that in May, monthly prices at factory gates tacked on by 0.8%, which is higher than market hopes for 0.4% leap, confirming the stronger inflationary pressure in the European Union.
The volatile as well as often updated indicator of retail sales revealed that in May euro zone consumers spent the same as in April, exactly when the volume of sales demonstrated a 0.1% dive.
Market experts surveyed by Reuters had predicted May’s 0.1% monthly ascend.
In contrast with 2017, in May retail this year sales managed to leap by 1.4% than in April, although the jump turned out to be lower than the 1.5% forecast by financial markets and it happened to be slower than the updated-down 1.6% surge in the previous month.
EU consumers shelled out more on drinks, tobacco and food on a monthly basis, while they cut their shopping of footwear and textile, whose sales slumped by 3.1%. As for purchases of fuel, they were intact on the month.
Consumers' lackluster hunger for shopping could partly have been provoked by soaring prices, with inflation tacking on to 1.9% in May in the euro zone in contrast with 1.3% last month. By the way, according to fresh estimates from Eurostat, inflation managed to jump to 2% in June.
A similar trend was observed at factory gates, where prices tacked on by 0.8 percent in May on the month having been intact for two consecutive months. Industry prices soared by 3% on the year, confounding hopes for a 2.7% ascend.
All attention on the market is on the Brexit process. Fears over the no-deal Brexit pushed the British pound deep down yesterday after UK Prime Minister Boris Johnson claimed he was ready to abandon negotiations.
The market sentiment is mixed, and the US dollar is trading near the lowest levels for over two years. Let’s have a look at the main market movements today.
The market sentiment deteriorated because of the election uncertainty and worries about rising virus cases all over the world. Let's make some analysis!
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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