German Retail Sales fall 0.1% YoY in October vs. -2.0% expected
|Germany's Retail Sales rose 1.1% MoM in October versus a 0.4% increase expected and -0.8% in September, the latest official data released by Destatis showed on Thursday.
Retail Sales in the Eurozone's top economy dropped 0.1% YoY in October versus a 4.3% annual decline seen in September. The market forecast a decrease of 2.0%.
EUR/USD reaction to the German data
The Euro is little moved after the mixed German consumer spending data. At the time of writing, the EUR/USD is dropping 0.05% on the day to trade at 1.0971.
About German Retail Sales
The Retail Sales released by the Statistisches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. Positive economic growth is usually anticipated as "bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.
(This story was corrected on November 30 at 7.23GMT to say that Retail Sales in the Eurozone's top economy dropped 0.1% YoY in October versus a 4.3% annual decline seen in September, not August)
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