Data released yesterday showed that the Eurozone’s retail trade rose by a 5.7% from a month earlier in June 2020, following an upwardly revised 20.3% jump in May and compared to market expectations of a 5.9% growth. This was due to the reopening of businesses over lockdown. Interestingly, online sales tumbled following four months of strong growth.
PMI figures released yesterday also showed that the Service sector accelerated across the Eurozone in July. However, the rate of recovery was slower than predicted, possibly due to the fact that social distancing measures prevent businesses from operating at pre-covid levels.
Tomorrow morning, a series of data for Germany will be released.
