It is a busy day on the European economic calendar. Ahead of the European opening bell, German economic indicators kickstarted the day. German retail sales numbers were in focus.
In March, German retail sales tumbled by 2.4%, following a 1.3% decline in February, according to Destatis. Economists forecast a 0.4% increase. Year-over-year, retail sales were down 8.6%
After the disappointing German Q1 GDP numbers, today’s consumption figures will likely question hopes of Germany avoiding a technical recession.
EUR/USD Price Action to German Retail Sales
Before the German retail sales figures, the EUR/USD fell to an early low of $1.09674 before rising to a…
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