Euro Extends Decline Amid Downbeat German Retail Sales

Published on Aug 31, 2023 13:23

Euro dipped lower against the dollar on Thursday in reaction to downbeat retail sales in Euro zone`s economic powerhouse, Germany. German retail sales declined more than expected in July on falling food turnover, data from Destatis revealed on Thursday. Retail sales fell 2.2 percent on a yearly basis in July. On a monthly basis, retail sales slid 0.8 percent in July, confounding expectations for an increase of 0.3 percent. Real food sales were down 1.8 percent from the last year. Consumers bought less grocery than in the same period last year but they had to spend more money on them. Non-food turnover was 1.9 percent below the level of the same last year. EURUSD was trading lower by 0.2% on the day at $1.0911 but manages to hold near a two week high. Slight recovery in dollar index from overnight lows is also weighing down the common currency. On the NSE, EURINR September futures contract is trading at 90.25, marginally up on the day.