EUR/USD to Remain Weak As Economic Confidence Falls in Europe
The economic situation is worsening every day in Europe as prices keep increasing while an energy crisis is expected in winter
The euro area retail sales rose in July but was slightly weaker than estimated, with the details showing that the volume of retail trade increased by 0.4% for automotive fuels and by 0.1% for food, drinks and tobacco, while it decreased by 0.4% for non-food products. This indicates that people are cutting back on other products apart from food, which will add further to the economic problems in the months ahead.
Eurozone July Retail Sales Report
- July retail sales MoM +0.3% vs +0.4% expected
- June sales were -1.2%; revised to -1.0%
- Retail sales -0.9% YoY vs -0.7% expected
- Prior sales YoY were -3.7%; revised to -3.2%
Eurozone Sentix Investor Confidence
- September Sentix investor confidence -31.8 points vs -27.5 expected
- August investor confidence was -25.2 points
Investor morale continues to weaken in the Eurozone to its lowest since May 2020 as recession risks loom large over the region heading into the winter months. The expectations index also tumbled from -33.8 previously to -37.0 – its lowest since December 2008.
Sentix notes that:
“Never before in more than 20 years of history, with the exception of the financial crisis in 2008, have investors’ assessments of the euro area economy been so weak – and at the same time expectations have been so low.”
EUR/USD Live Chart
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