German Retail Sales jump 13.9% MoM in May vs. +3.9% expected, EUR/USD keeps the red
- German Retail Sales rebounded 13.9% MoM in May vs. +3.9% expected.
- Retail Sales jumped 3.8% YoY in May vs. -3.5% expected.
According to the latest data reported by Germany’s Destatis on Wednesday, the country’s Retail Sales arrived at +13.9% MoM in May versus +3.9% expected and -5.3% last.
On an annualized basis, the German Retail Sales came in at +3.8% in May versus -6.5% seen in April and -3.5% expected. The annual figure surprised to the upside.
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 keeps its range close to the daily lows of 1.1216 following the release of the upbeat German Retail Sales data for May.
At the time of writing, the major drops 0.08% to trade at 1.1219.
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.
