The September data has just been released and retail sales in the euro zone show a year-on-year growth of 1.0%. This slightly exceeds market estimates, which were expecting a +0.9%.

Why does this matter? Well, retail sales are a key indicator of consumer spending, and consumer spending drives much of the economy. When we see stronger-than-expected figures, it suggests that demand remains resilient despite inflationary pressures and higher interest rates.

For crypto markets, economic data like this can influence global risk sentiment. A strong consumer in Europe could mean less pressure for aggressive rate cuts by the ECB, which tends to keep the dollar stronger and may put short-term pressure on risk assets like BTC and ETH.

But we shouldn't overreact either. A 0.1% above expectations doesn't radically change the macro picture. What is worth observing is whether this trend persists in the coming months or if it was just a temporary bounce.