The Euro started the week firmly, reversing gains against the USD on more robust Retail Sales data. This resilience is despite continued lockdown in some of the region's strongest economies like France, slow vaccine rollout, and lower economic forecasts due to the ravages of the coronavirus. The Euro is relatively higher versus the GBP that's down on AstraZeneca vaccine concerns and weaker than expected economic data on Monday.
Retails Sales rose three percent in March, exceeding economists' forecast of 1.5 percent, rising from 5.2 percent. It is a boost coming when businesses are confident of a stronger bounce while more of its citizens continue to spend. Therefore, while immediate growth may be low, the Euro is not threatened. It could bounce back strongly in months ahead, driving the single currency to new levels. Still, there is more to be seen as to whether the rally would continue this week as Germany will announce its economic forecasts. At the same time, the U.S. releases its inflation data this week.
Impact on the Euro:
Bullish. Technical candlestick arrangements favor the Euro. Accordingly, even if other economies post stronger data signaling recovery, the Euro could still shake off losses and grind higher.
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