German Retail Sales drop by 5.1% MoM in July vs. -0.9% expected, EUR/USD battles 1.1800
- German Retail Sales fell by 5.1% MoM in July vs. -0.9% expected.
- Retail Sales came in at -0.3% YoY in July vs. 3.7% expected.
According to the latest data reported by Germany’s Destatis on Monday, the country’s Retail Sales dropped by 5.1% MoM in July versus -0.9% expected and 4.2% last.
On an annualized basis, the German Retail Sales came in at -0.3% in July versus 3.7% expected and 6.2% reported in June.
FX implications
EUR/USD is off the lows, battling 1.1800 amid downbeat German Retail Sales data. The pair is still posting 0.06% losses so far this Wednesday.
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.
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.
