• Eurozone Retail Sales came in at -2.7% MoM in January vs. -2.5% expected.
• Retail Sales in the bloc arrived at -2.8% YoY in January vs. -2.7% expected.

Eurozone’s Retail Sales dropped by 2.7% MoM in January versus -2.5% expected and 1.2% last, the official figures released by Eurostat showed on Monday.

On an annualized basis, the bloc’s Retail Sales came in at -2.8% in January versus -2.5% recorded in December and -2.7% consensus forecast.

FX implications

The Euro remains under pressure on the downbeat Eurozone data. At the time of writing, the major is trading at 1.0765, down 0.26% 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, positive economic growth anticipates "Bullishness" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.