German Retail Sales decline by 7.1% YoY in February vs. -5.2% expected
- German Retail Sales plunged 7.1% YoY in February vs. -5.2% expected.
- Retail Sales in Germany came in at -1.3% MoM in February vs. 0.5% expected.
According to the official figures released by Destatis on Friday, Germany's Retail Sales dropped by 1.3% MoM in February versus 0.5% expected and -0.3% previous.
On an annualized basis, the bloc’s Retail Sales tumbled 7.1% in February versus the -5.2% expected and a 6.9% decline seen in January.
FX implications
The Euro is undermined by the disappointing German data. At the time of writing, the EUR/USD is down 0.07% on the day at 1.0892.
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.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
