BREAKING: EUR drops after German retail sales data

German retail sales data for February was released this morning at 7:00 am GMT. Report was expected to show an increase compared to January, but also a drop compared to February 2023. This comes after a month-over-moth drop in German retail sales in January.

Actual report turned out to be a negative surprise with German retail sales recording a much deeper drop on month-over-month basis. Also, a year-over-year decline deepened compared to a month ago reading instead of expected improvement.

EUR took a hit following the release. However, scale of the move was very small with EURUSD drop not exceeding 0.1%.

Germany, retail sales for February

• Monthly: -1.9% MoM vs +0.4% MoM expected (-0.4% MoM previously)
• Annual: -2.7% YoY vs -0.9% YoY expected (-1.4% YoY previously)

Source: xStation5