Eurozone retail sales rebound from 2-month low in October, beats market expectations

Retail sales in the eurozone rebounded from a 2-month low in October, largely beating market expectations.

In October 2016 compared with September 2016, the seasonally adjusted volume of retail trade rose by 1.1 percent in the euro area (EA19) and by 1.2 percent in the EU28, data released by the Eurostat showed Monday. In September the retail trade volume decreased by 0.4 percent in the euro area and by 0.2 percent in the EU28.

Further, in October 2016 compared with October 2015 the calendar adjusted retail sales index increased by 2.4 percent in the euro area and by 3.5 percent in the EU28.

The 1.1 percent increase in the volume of retail trade in the euro area in October 2016, compared with September 2016, is due to rises of 2.3 percent for non-food products and of 0.2 percent for 'Food, drinks and tobacco', while automotive fuel fell by 1.0 percent. In the EU28, the 1.2 percent increase in the volume of retail trade is due to rises of 2.3 percent for non-food products and of 0.2 percent for 'Food, drinks and tobacco', while automotive fuel fell by 0.9 percent.

Among Member States for which data are available, the highest increases in the total retail trade volume were registered in Slovenia (+3.7 percent), Luxembourg (+2.9 percent), Germany (+2.4 percent) and the United Kingdom (+2.0 percent), while decreases were observed in Malta (-0.5 percent), Ireland (-0.4 percent), Hungary (-0.3 percent), Slovakia (-0.2 percent) and Spain (-0.1 percent).

Meanwhile, EUR/USD currency pair has formed a bullish candlestick at 1.06, down 0.08 percent, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 38.75 (a reading above +75 indicates bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex