Global macro overview for 30/12/2015:
Encouraging data has been delivered this morning from Spain as retail sales increased for the 16th consecutive month in November amid a fall in unemployment and an improved macroeconomic landscape. According to the National Statistics Institute, the Spanish retail sales rose by 3.3% this month, following an upwardly revised advance of 6.0% last month. The gain was mainly driven by an increase in sales of household equipment which gained 4.7%, personal equipment increased by 3.6%, and retail hiring gained 1.8% (the fastest pace since Spain entered a deep recession in 2008). On the other hand, food sales declined by 0.2% on an annual basis. In overall, the better-than-expected data should be taken into account by the ECB, because it is willing to provide more support only in the light of sluggish economic recovery and low inflation . So far the data suggest the recovery in Spain continues.
The EUR/USD pair is trading slowly inside a narrow range. The next support is seen at the level of 1.0795 and next resistance is seen at the level of 1.1012.
