The euro/dollar is losing weight at auction on Wednesday, and this is the second consecutive session, when the euro is “under the gun” of the bears. This time the EUR was not saved by ostentatious inattention to its own statistics - a lot of data came out, and almost all of it was weak.
On Wednesday morning, the euro-zone countries have presented statistical data on the index of business activity in the services sector in November. France showed a level of 47.9 points with the forecast of 48.3 points, Germany reported a level of 52.1 points, which is in line with expectations. The euro zone overall reported a figure of 51.1 points against the forecast of 51.3 points.
The French again report illustrated the decline in the services sector, which is another negative signal for the euro zone. Ahead is a meeting of the European Central Bank, and these figures are important for understanding the general sentiment in the region. As standard, the services market gives support to the GDP from 40 to 65% depending on the country and the structure of GDP.
Today statistics on retail sales in the euro area in October were published. Yearly the index was pleasing - it added 1.4% against the forecasted growth of 0.9%. The monthly figure came out weaker - it grew only by 0.4% against the expectation of 0.6%.
Probably for now it will not be easy the euro. The market is very closely following the news and statistics. Winter is cold, and not just on the street.
RoboForex Analytical Department