Euro Growth Outlook Bolstered by Retail Activity, Confidence but Market Little Impressed
The euro doesn’t seem to be in control of its own fate at the moment as cross market fundamental concerns have generally swept the currency into sharp moves; but the balance economic outlook for this region received a boost in economic data this morning.
Bloomberg-measured retail PMI indicators reported the strongest pace of activity for this sector in the Euro Zone in 16 months. In addition, the employment component marked its best reading since August of 2008. The round of confidence data was similarly supportive. Economic confidence hit a year high and consumer sentiment match a 15 month high. Tomorrow, the German employment report represents top event risk.