In the Eurozone, economists were way off the mark as German Monthly Retail Sales Unexpectedly Dropped.
German monthly retail sales unexpectedly fell in March, data showed today, marking a fourth consecutive drop and dampening cheer around a consumer-led upswing in Europe’s biggest economy.
The volatile indicator, which is often subject to revision, showed retail sales decreased by 0.6% on the month in real terms, the Federal Statistics Office said.
That confounded the Reuters consensus forecast for a 0.8% rise and followed an upwardly revised drop of 0.2% in February.
Slowing Global Growth
Data from Europe puts a nice spotlight on slowing global GDP.
Don’t expect the ECB to be hiking or even tapering its balance sheet anytime soon. This is US dollar supportive.
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Mike “Mish” Shedlock
Can only guess what tptb will do if the slowdown becomes a crushing event for economies. Thinking EU populism isn’t dead, just taking a nap and will Germany want to pay to keep everyone else happy just as their exports are hit.
EU and Japanese leading indicators drooping alarmingly, only the US still rising. Those tax cuts might just save the day.
Absolutely – Many moving parts: US dollar bears and treasury bears seldom take all the moving parts into consideration
Deflationary, bonds might get one last run up, $ up and emerging market borrowers take a hit. So many moving parts and linkages.
Currency wars not over as each fights to maintain exports, especially those most dependent on them – the EU.