The pair is currently trading at around 0.8806.
German Retail Sales Slump Pushes Down Euro (EUR)
Worries over the Eurozone’s largest economy Germany were elevated this morning as retail sales figures soured the mood over the single currency.
German retail sales plummeted to -9.6% which was much worse than forecasts of a 2.6% drop. The decline can be explained by worsening coronavirus infections in the country leading to increased restrictions and lockdown measures.
The Euro found little relief from various Markit Manufacturing PMI’s released across the bloc this morning.
The IHS Markit Eurozone Manufacturing PMI was revised slightly higher to 54.8 in January of 2021 from a preliminary of 54.7 but below 55.2 in December.