German Retail Sales jump 1.2% MoM in Feb, a big beat – EUR/USD stays above 1.10
|- German Retail Sales jump 1.2% MoM in Feb vs. 0.0% expected.
- Retail Sales rise 6.4% YoY in Feb vs. +1.5% expected.
According to the latest data reported by Germany’s Destatis on Wednesday, the country’s Retail Sales arrived at +1.2% MoM in February versus 0.0% expected and +0.9% last.
On an annualized basis, the German Retail Sales jumped 6.4% in February versus +1.8% seen in January and +1.5% expected.
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. The positive economic growth usually anticipates "Bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.
FX implications
EUR/USD remains under pressure above 1.1000, as the shared currency fails to take advantage of the upbeat German Retail Sales data. The spot hit a low of 1.1006 in early Asia amid a broad-based US dollar rebound.
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