Forex News May 04, 2022

 

Eurozone

Eurozone March retail sales -0.4% vs. -0.1% m/m expected, Eurostat’s most recent data – 4 May 2022

Prior +0.3%; revised to +0.4%, Retail sales +0.8% vs +1.4% y/y expected

Previously +5.0 percent; now +5.2 percent

Retail deals in the Eurozone fell more than anticipated in March, as cost pressures burdened the locale’s utilization action.

Looking at the specifics, retail trade volume decreased by 2.9 percent for automotive fuels, 1.2 percent for non-food products, and increased by 0.8 percent for food, drinks, and tobacco.

 Oil

Oil is up more than 3% on the day as the EU proposes a phased embargo on Russian supply.  

WTI crude trades back above the $106 level. Oil has shown significant resilience in recent weeks, as dip buyers have kept prices elevated for the most part.

Sure, we aren’t exactly chasing new highs since the early March spike, but there is a sense of stubbornness in staying above $100 for the time being.

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#edgeforex #forex #forextrading #forexsignals #eurozone #data #retail #oil #eu #sanctions #russia #banks #uk #credit  

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