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Lower German October retail sales yet to dent the EUR/USD
The October German retail sales data has just hit the screens and it was expected to show a fall 0.5%. They have actually fallen by 1.5%. That is not great news. At the same time, it seems that prices are rising which is not great news either. Leading into this data the EUR/USD was higher and helped in that direction by the slide in the USD/JPY today. However, because that fall has also delivered more downside in the EUR/JPY, to below 159 today, the EUR/USD has remained shy of the 1.06 handle again. This data from Germany is not at all good, but probably expected. Hence, so far the Euro has not seeming reacted to it much at all. The EUR/USD is still close to session highs (1.0583) following the release, currently trading at 1.0581
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