EURUSD – Up
EURUSD trading plan:
Euro zone retail sales plunged in June and factory gate prices continued to rise, data showed, adding to fears the 19-country single currency zone is heading for recession. The European Union’s statistics office Eurostat said the volume of retail sales in the 19 countries sharing the euro, already adjusted for inflation, fell 1.2% month-on-month in June for a 3.7% year-on-year decline. The impetus to growth in H2 2022 looks to be weakening as high and broad inflation, energy-saving measures and tightening financial conditions increasingly weigh on activity. Germany, Europe’s biggest economy, showed the steepest drop in retail sales of 8.8% year-on-year, with the third biggest Italy also showing a decline of 2.8% in annual terms. Second biggest France still managed a 0.6% year-on-year rise. The drop in retail sales, a proxy for consumer demand, comes as producer prices rose 1.1% month-on-month in June for a 35.8% year-on-year surge, Eurostat said.
Investment idea: sell 1.0200 and take profit 1.0135.
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