On Thursday, the European Union's statistical office (Eurostat) released data on retail sales in the Eurozone for the month of January, which came in negatively and worse than market expectations.
According to the data, retail sales in the Eurozone recorded a growth of 1.9% in January on a year-over-year basis, which matched widespread market expectations and was higher than the previous reading of a 1.6% growth in retail sales during the previous month of December.
Retail sales in the Eurozone experienced a contraction of 0.2% in January on a month-over-month basis, which was worse than the previous reading that showed no change (0%) in retail sales during the previous month of December, after being revised down from a 0.1% increase.
The retail sales index measures the change in the total value of retail sales within the Eurozone, providing a clear picture of the retail sector in the short term, which represents about 5% of the total value added to the Eurozone economies. Generally, a high reading is viewed as bullish for Euro movements, while a low reading is considered bearish for the European single currency.
