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EUR/USD does not react to better than expected German Retail Sales
The release of the German October retail sales data has just this minute hit the screens. The markets were expecting German sales to have risen by around 0.4%, up from a fall in September of 0.8%. Annualised sales were still expected to show a decline, but not by so much as previously recorded. The forecast there was for a decline of 1.9%, compared to a previous fall of 4.6%. The actual data has shown a better than expected rebound. Sales rose by 1.1% on the month and fell by only 0.1% on an annualised basis. That is quite an improvement, but as usual the EUR/USD has not yet reacted to better news. Earlier this morning the EUR/USD had retested that 1.0965 level again, after edging back from an earlier session high at 1.0984. It had closed in the US last night at 1.0969. It is currently trading at 1.0976
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