Euro Area Retail Trade Grew in March - 4.5.2012

Eurostat reported today that the volume of retail sales grew in March by 0.3%, following a 0.2% drop in February. No growth was actually expected according to average consensus estimates. Annualized growth rate in retail sales however remained negative at minus 0.2%, but improved considerably from minus 2.1%. Earlier today reports from Germany, France and eurozone indicated worse than expected April’s PMI services readings. The single currency weakened slightly against the dollar from 1.3161 to 1.3126 and against the yen from 105.57 to 105.20.