Latest data released by Eurostat - 7 January 2020
- Prior -0.6%; revised to -0.3%
- Retail sales +2.2% vs +1.5% y/y expected
- Prior +1.4%; revised to +1.7%
A solid beat with upward revisions to boot, all this of course taking into account the Black Friday sales in the run up to the holiday season. Hence, the rebound after some sluggish consumption activity seen back in October last year.
It is a welcome improvement but it shouldn't change the fact that the euro area outlook remains somewhat more challenging in the year ahead. EUR/USD is barely changed from the data as inflation figures sit in-line with expectations.
