BREAKING: EUR muted after German retail sales miss

8:03 AM 29 February 2024

German retail sales data for January was released today at 7:00 am GMT. Market was expecting a monthly increase in retail sales, as well as a smaller year-over-year drop compared to December 2023.

Actual report turned out to be a disappointment - retail sales unexpectedly dropped on a monthly basis, while year-over-year decline turned out to be deeper than expected. However, market's reaction was rather muted, with neither EUR nor DE40 experiencing any major moves

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Germany, retail sales for January

Monthly: -0.4% MoM vs +0.5% MoM expected (-1.6% MoM previously)
Annual: -1.6% YoY vs -1.5% YoY expected (-1.7% YoY previously)

EURUSD ticked lower after German retail sales data, but scale of the move was minimal. The main currency pair is testing a short-term support zone in the 1.0830 area. Source: xStation5

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