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The weakness of consumer demand in euro zone

The weakness of consumer demand in euro zone | 07 March 2023

07 March 2023, EUR/USD

The weakness of consumer demand in euro zone

EURUSD trading plan:

Euro zone retail sales rebounded much less than expected month-on-month in January and were still lower than 12 months earlier, underlining the weakness of consumer demand in euro zone and the broader economic slowdown, data showed. The European Union's statistics office Eurostat said retail sales in the 20 countries sharing the euro rose 0.3% month-on-month in January for a 2.3% year-on-year decline. Economists see retail sales as a good proxy indicator for consumer demand, which has suffered because of rampant inflation, triggered mainly by rising energy and food prices, but also seeping into other sectors of the economy.

Investment idea: range 1.0635 -1.0720

David Johnson
Analyst of «FreshForex» company
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