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EMU: Annual Retail Sales slide 3.4% in December

On an annual basis Eurozone Retail Sales dropped for the 20th running month in December by 3.4%, following a 1.9% fall the previous month, Eurostat revealed on Tuesday.

Month-over-month Eurozone Retail Sales declined 0.8%, down from the 0.1% decrease and below forecasts of -0.3%.

Forex Flash: Emerging markets central banks reluctant to alter rates – UBS

Many asset managers will tell you that last year investing in emerging markets reaped healthy rewards, both in FX and duration. By definition, on the FX element alone, the means emerging market central banks were more reluctant to intervene. Firstly, according to Research Analyst Gareth Berry at UBS, “early risk aversion and fears of declining trend growth led to capital outflows in many markets, notably China, such that pressure limited reserve accumulation.”
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Forex: EUR/USD eases after EMU retail sales, capped at 1.3546

The EUR/USD sharp bounce from 1.3458 low on the European session was capped at 1.3546 high, and the market is now easing to opening levels, at 1.3514. Now with EMU Retail Sales and Italian CPI data published, investors will keep an eye on SNB's Zurbrugg speech before US data comes in.
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