Higher than expected German Retail Sales – EUR/USD Flat

German retail sales rose more than forecast in May, adding to signs that a recovery in Europe’s largest economy has gathered pace this quarter.

Sales adjusted for inflation and seasonal swings climbed 0.8 percent from April, when they fell a revised 0.1 percent, the Federal Statistics Office in Wiesbaden said today. Economists had predicted an increase of 0.4 percent, according to the median of 23 estimates in a Bloomberg News survey. Sales increased 0.4 percent from a year earlier.

German unemployment unexpectedly declined in June, while the Ifo institute’s measure of business confidence climbed for a second month and ZEW’s investor sentiment index increased, reports showed this month. Consumer confidence in July will rise to the highest level since September 2007, GfK AG said this week.

Bloomberg

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