German Retail Sales drop 1.6% MoM in June vs. -3.3% expected, EUR/USD stays below 1.19

• German Retail Sales dropped 1.6% MoM in June vs. -3.3% expected.

• Retail Sales jumped 5.9% YoY in June vs. +3% expected.

According to the latest data reported by Germany’s Destatis on Friday, the country’s Retail Sales arrived at 1.6% MoM in June versus -3.3% expected and +12.7% last.

On an annualized basis, the German Retail Sales came in at +5.9% in June versus +3.2% seen in May and +3.0% expected.

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. The positive economic growth usually anticipates "Bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.