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Italian retail sales behind euro’s defiance

Italy's index of economic expectations crossed the Rubicon into expansion territory and retail figures exceeded market forecasts, pushing the euro against the dollar and the sterling pound

By Richard Nehme | Oct. 4, 2013 15:48 BST
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EURUSD rose sharply on Thursday upon the release of both Italian PMI figures as well as the retail sales figures. Italian PMI increased to 52.7, more than the 49.3 figure forecast by economists, while the retail figures expanded to 0.7 percent. The pair hit a high of 1.3633 in late afternoon upon the release of the US ISM data coming in worse than expected [...]

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