Germany's Retail Sales Slump by 1.1% MoM in June

Germany's Retail Sales have seen a decline in June, according to official data released by Destatis. The consumer spending measure fell 1.1% month-on-month (MoM), surpassing expectations of a 0.5% drop.

This is a reversal from May, when Retail Sales rose by 1.2% (revised from 1.1%). On an annualized basis, Retail Sales declined 0.2% in June, compared to the prior release of a 2.1% rise (revised from 1.8%).

The Euro (EUR) did not react immediately to this news. As of writing, the EUR/USD pair is up 0.11% on the day at 1.1537.