03 Jul

European retail sales down

Retail sales figures in the eurozone this morning show a decline of -0.4% for the May, with the annual rate of decline reaching -3.3%. Retail sales are regarded as a key indicator of consumer and economic confidence, and a crucial driver of the economy. But with the current recession, high unemployment rates and low lending levels have caused a reduction in retail spending, as many consumers prefer to keep their cash in their pockets.

This morning the single currency has fallen below 1.40 against the US dollar and the current euro exchange rate is 1.39 against the US dollar and 0.85 against the pound.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.