German Retail Sales Decline More Than Expected in June
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
- German retail sales fell 1.1% MoM in June, exceeding forecasts.
- Decline driven by 1.4% drop in food sales and 1.0% in non-food sales.
- Euro showed no immediate significant reaction despite weak data.
Germany’s retail sales experienced a larger-than-anticipated decline in June, falling by 1.1% month-on-month, according to data released by Destatis. This figure contrasted sharply with market expectations for a more moderate decrease, following a revised 1.2% increase in May. While petrol station sales continued to show strength, rising by 2.1% in real terms, the overall downturn was primarily driven by broader categories, including a 1.4% drop in food sales and a 1.0% decrease in non-food sales. Online and mail-order sales, however, saw a 0.4% increase. On an annual basis, retail sales also saw a 0.2% decline in June, reversing the 2.1% rise observed previously. Despite the weaker-than-expected data, the Euro showed no immediate significant reaction, with the EUR/USD pair trading slightly higher on the day.