German Retail Sales fall 2.2% YoY in July vs. -1.0% expected

The latest official data released by Destatis showed on Thursday, Germany's Retail Sales fell 0.8% MoM in July versus 0.3% expected and -0.8% previous.

On an annual basis, the bloc’s Retail Sales dropped 2.2% in July versus the expected 1.0% decrease and June’s -1.6% reading.

FX implications

The Euro is extending losses on the downbeat German consumer spending data. At the time of writing, the EUR/USD is dropping 0.10% on the day to trade at 1.0913.

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. Positive economic growth is usually anticipated as "bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.