Release Explanation: Retail sales are a very important set of figures that make up a large percentage of consumer spending numbers. Retail sales are the measure of the total sales of goods and services by retail stores. Retail Sales is an important measure of consumer spending and inflationary pressures.
Trade Desk Thoughts: German retail sales continued to tumble in January, as the economy slows. Retail sales have fallen by 0.6% compared to the expected 0.3%. The German release shows that consumption is slowing in Europe’s biggest economy, and this will certainly have a drag on the quarterly numbers.
Forex Technical Reaction: The euro bounced off from the neutral pivot point, and gained 20 pips after the news release.