Germany Retail Sales m/m comes in at 1.3% against -0.7% consensus

Germany’s Retail Sales month over month for September came in at 1.3%. This figure significantly exceeded the consensus expectation of -0.7%. The actual print also marked a notable improvement from the previous month’s revised figure of -3.4%. The surprise against consensus was 285.7%.

Following the release, the Euro saw varied movements against major currencies. EURUSD traded up 5.9 pips 15 minutes after the release, while EURJPY gained 9.6 pips. EURAUD was up 2.2 pips and EURCHF rose 1.4 pips. Conversely, EURNZD declined by 12 pips and EURGBP was down 0.8 pips. EURCAD saw a slight gain of 0.4 pips. Compared to typical 1-hour median moves, these initial reactions are relatively small. For instance, EURUSD’s median 1-hour move after past releases is 8 pips, and EURJPY’s is 11 pips.