Euro Weakens on Declining Retail Sales

The Euro lost ground against the dollar, and most other major currencies today, when a European Union report indicated that retail sales had dropped 0.5%, suggesting to traders that the ECB would be more inclined to cut rates. Ian Stannard, a currency strategist at BNP Paribas suggested that the Euro would fall to $1.50 against the dollar, continuing:

This is evidence that Germany is finally starting to feel the effects of the U.S. slowdown and credit crunch, putting the euro under pressure… Euro-dollar is now in a broad topping-out process.

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