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 February, as the economy slows. Retail sales have fallen by 0.2% compared to an expected rise of 0.2%. The German release shows that consumption is slowing in Europe’s biggest economy, and this will certainly have a drag on the quarterly numbers. From one year ago, German retail sales decreased by 5.3% both in nominal and real terms.
Forex Technical Reaction: The euro fell 80 pips during the Asian session, down to TheLFB S1 (1.3165)