German Retail Sales plunge by 5.0% YoY in October

Germany’s Retail Sales decreased by 2.8% MoM in October versus -0.6% expected and 0.9% previous, the official figures released by Destatis showed on Thursday.

On an annualized basis, the bloc’s Retail Sales came in at -5.0% in October versus the -2.8% expected and a 0.9% drop recorded in September.

The Euro shrugs off the downbeat German data. At the time of writing, the major trades at 1.0455, up 0.47% so far.

In recent weeks, EUR/USD has failed to break above the 1.0500 level. A move beyond here would clear the way towards 1.0800, economists report.