German Retail Sales Climb in August
THE TAKEAWAY: German retail sales climb 0.3% in August -> Higher retail sales follow a 1% decline in July -> Euro trading steady
A positive economic sign for a struggling Germany was provided today by improved retail sales. Retail sales were up 0.3% in August, beating expectations for 0.2% growth and a turnaround from July’s revised 1% drop in sales. Annually, German retail sales dropped 0.8%, according to the Federal Statistics Office.
The improving retail sales are a relief from the six straight months of rising unemployment and the record low consumer confidence in the Euro-zone that were reported yesterday. The German economic growth has slowed because of the effects of the Euro-debt crisis, and signs of rebound in Germany could be Euro positive.
The Euro did not significantly react to the better than expected retail sales. EURUSD is currently trading above 1.2950, and resistance could be provided by the key 1.3000 figure.
EURUSD 15-minute: September 28, 2012
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