04.03 - German retail turnover grew by 0.9%. EUR/USD remains above 1.1150
- by George Solotarov
According to the latest data reported by Germany’s Destatis on Wednesday, the country’s Retail Sales rebounded 0.9% MoM in January versus +1.0% expected and -3.3% last.
On an annualized basis, the German Retail Sales rose 1.8% in January versus +0.8% seen in December and +1.5% expected.
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 in such sales. The changes are widely followed as an indicator of consumer spending. The positive economic growth usually anticipates "Bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.
EUR/USD is off the lows and holds above the 1.1150 level on mixed German Retail Sales data. The spot hit a low of 1.1143 in the last hour, weighed down by broad-based US dollar rebound. The USD bulls cheer the Biden win in Texas.