German Retail Sales plummet 6.4% YoY in December vs. -4.3% expected

• German Retail Sales slumped 6.4YoY in December vs. -4.3.% expected.
• Retail Sales in Germany came in at -5.3% MoM in December vs. 0.2% expected.

According to the official figures released by Destatis on Tuesday, Germany's Retail Sales plunged by 5.3% MoM in December versus 0.2% expected and 1.1% previous,

On an annualized basis, the bloc’s Retail Sales plummeted by 6.4% in December versus the -4.3% expected and a 5.9% slump seen in November.

FX implications

The Euro shrugs off the awful German data. At the time of writing, the major trades at 1.0836, down 0.07% on the day. 

About German Retail Sales

The Retail Sales released by the Statistisches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. Positive economic growth is usually anticipated as "bullish" for the EUR, while a low reading is seen as negative, or bearish, for the EUR.