German retail sales data was released at 7:00 am BST. Reading smashed analysts' expectations as it showed a 3.8% YoY increase in May. Sales also increased by 13.9% compared to the previous month. Data release signals that German consumer spending may be recovering quicker than expected and that economic damage in Q2 2020 may be less severe.
However, neither FX, nor the equity market is seeing any major reaction to the release so far.
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German retail sales recovered above last year's levels in May. Source: Federal Statistical Office of Germany
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