EUR/USD Exchange Rate Retreats on Abysmal German Data
The Euro to US Dollar (EUR/USD) exchange rate has fallen sharply today, in the wake of some much weaker-than-expected economic data from Germany.
At the time of writing the EUR/USD exchange rate is trading at around $1.2084, down roughly 0.4% from today’s opening levels.
Euro (EUR) Slumps Following Record Plunge in German Retail Sales
The Euro (EUR) stumbled out of the gate this morning, following the publication of some abysmal retail sales figures from Germany.
According to data published by Germany’s federal statistics agency, Destatis, sales growth collapsed from a downwardly revised 1.1% to –9.6% in December, well below expectation for a more modest contraction of 2.6% and also the largest fall in sales growth on record.