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Flash: Markets reminded of economic gap between the US and Eurozone - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the markets were given another harsh reminder of the gap that still exists in economic fundamentals between the US and the euro zone.

They begin by noting that German retail sales came in at -0.4% m/m in April vs. 0.2% expected and a revised -0.1% (was -0.3&) in March, which was the third decline in a row, underscoring that even Germany is succumbing to the growth headwinds throughout the euro zone. Further, they note that French consumer spending fared slightly better as it came in at -0.3% m/m in April vs. -0.6% expected and 1.3% in March. This follows worse than expected April labor market data yesterday, with job seekers rising 40k vs. an expected 30k. They write, “Today, euro zone unemployment for April was reported at 12.2%, up from 12.1% in March and making another record high. Youth unemployment was worse, rising to 24.4% from 24.3% in March.”

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