31.07.2015 - Statistics from Germany disappointed traders

Retail sales in Germany unexpectedly fell in June by 2.3%. It is worth noting that compared to the same period of the last year the figure rose by 5.0%. Despite the weak data for this month, the positive dynamics of growth of retail sales in the country is maintained, that, together with the growth of exports against the backdrop of a weak euro will contribute to GDP growth in Europe's largest economy. Our medium-term forecast for the German market remains positive due to the low oil prices, weak euro and a program of quantitative easing by the ECB.

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