German Retail Sales plunge 3.3% MoM in Dec, a big miss – EUR/USD keeps lows
|- German Retail Sales drop 3.3% MoM in Dec vs. -0.5% expected.
- German Retail Sales rise 0.8% YoY in Dec vs. +5.0% expected.
According to the latest data reported by Germany’s Destatis on Friday, the country’s Retail Sales dropped sharply by 3.3% MoM in December versus -0.5% expected and +2.1% last.
On an annualized basis, the German Retail Sales rose 0.8% in December versus +2.8% seen in November and +5.0% 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
The selling pressure around the euro picks up pace on a big miss on the German Retail Sales release, with EUR/USD printing fresh daily lows at 1.1017, down 0.11% so far.
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