German Retail Sales Drop 1.1% MoM in June, Below Expectations
German retail sales unexpectedly fell 1.1% month-on-month in June, compared to the forecast of a 0.5% decline, signaling weaker consumer spending.
EURUSD
Retail sales in Germany dropped 1.1% month-on-month in June, according to data released by the Federal Statistical Office (Destatis). The result was significantly worse than the consensus estimate of a 0.5% decline.
The reading represents a surprise contraction in consumer spending, an important driver of economic activity, and underscores the headwinds facing Europe’s largest economy.
Source: FXStreet Forex News