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German Retail Sales Disappoint in April

German Retail Sales Disappoint in April

2013-05-31 06:52:00
Benjamin Spier, Technical Strategist
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THE TAKEAWAY: German retail sales decline 0.4% in April, disappoint expectations -> German GDP returns to expansion in Q1 -> Euro trading slightly higher

German retail sales for April declined by 0.4% from the previous month, disappointing expectations for a 0.2% rise in sales and worse than March’s revised 0.1% drop in retail sales. Retail sales rose 1.8% from April 2012, according to the Federal Statistical Office.

The German economy returned to growth in Q1 of 2013, as the GDP rose 0.1%. Signs of stronger German economic growth are Euro positive.

However, the Euro rose slightly following the release, despite the disappointing retail sales. EUR/USD is trading around 1.3040 at the time of this writing, and the pair may see resistance around 1.3055, by the 38.2% retracement of the decline from the all time high to the all time low. EUR/USD may see support by the key 1.3000 level.

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EURUSDDaily: May 31, 2013

German_Retail_Sales_Disappoint_in_April_body_eurusd_daily_chart.png, German Retail Sales Disappoint in April

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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