05 June 2012 09: 00 GMT 
Retail sales in the 17-nation Euro bloc fell in April, demonstrating a continuing slump in consumer confidence and pre-vocational concern for the Euro's security. April retail sales dropped a full percentage point on the month, which was more than the 0.1% drop economists had predicted. The yearly drop was 2.5%, also steeper than the expected - 1.1%.
A breakdown of the data showed that Spanish consumers cut spending the most, while German numbers were relatively strong, bolstered by low unemployment numbers. Unemployment in Spain has reached critical peaks recently as the nation struggles to lease out its banking sector. Spanish Budget Minister Montaro today called for Europe's MSS bailout mechanism to directly recapitalize Spain's banks, reflecting Madrid's growing unease with the unstable situation.
The Euro remained oversold in today's trade as the weak spending numbers understandably failed to inspire confidence in the single currency.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
05 June 2012 09: 00 GMT
Retail sales in the 17-nation Euro bloc fell in April, demonstrating a continuing slump in consumer confidence and pre-vocational concern for the Euro's security. April retail sales dropped a full percentage point on the month, which was more than the 0.1% drop economists had predicted. The yearly drop was 2.5%, also steeper than the expected - 1.1%.A breakdown of the data showed that Spanish consumers cut spending the most, while German numbers were relatively strong, bolstered by low unemployment numbers. Unemployment in Spain has reached critical peaks recently as the nation struggles to lease out its banking sector. Spanish Budget Minister Montaro today called for Europe's MSS bailout mechanism to directly recapitalize Spain's banks, reflecting Madrid's growing unease with the unstable situation.
The Euro remained oversold in today's trade as the weak spending numbers understandably failed to inspire confidence in the single currency.DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
05 June 2012 09: 00 GMT
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