German retail sales decrease in June. Purchasing Manager's indexes steady. | CountingPips Forex & Currency Trading Blog

August 1, 2008 - Forex Economic News

German retail sales decrease in June. Purchasing Manager's indexes steady.

German retail sales fell in the month of June according to a release today by the Federal Statistical Office Germany. Retail sales fell 1.4 percent in June after a revised 0.5 percent increase in May. Retail sales have fallen by 3.9 percent on a annual rate basis compared to Euro Economic News June 2007. May's annual rate registered a revised 1.0 percent increase compared to May 2007.

The fall in the June retail sales was more than expected as market forecasts were expecting a 0.5 percent decline for June and a 0.8 percent decline for the year.

Also released out of Europe today was the Manufacturing Purchasing Manager's Index that is conducted by NTC Research. The purchasing manager's index measures business conditions in the manufacturing sector. Today's index information showed that there was little changed in the indexes out of the major European countries. The eurozone manufacturing manager's index scored 47.4 for July following a 47.5 score in June. The German index registered a 50.9 score for July after a 50.9 score in June. Italy's pmi score was 45.3 for July after a 46.9 June score and the France pmi score registered 45.3 in July after a 46.9 score in June.

Today's biggest economic news will be released out of the United States in the form of the Non-farm payrolls employment report. The US data showed a loss of 62,000 jobs last month and expectations are for a loss of 75,000 jobs in July. How this data turns out today will play a large roll in how the trading in the forex markets will trend today.

tags: german retail sales, purchasing manager's index, manufacturing, eurozone

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