Newly released data from the German Federal Statistical Office shows that a key indicator of the country's consumer spending, retail sales for June, fell by 1.1% month-on-month. This decline was significantly larger than the 0.5% drop that markets had anticipated.

The statistics indicate that after recording a 1.2% month-on-month increase in May, the German retail market has shown renewed signs of weakness. On an annualized basis, June retail sales were down 0.2% compared to the same period last year, a notable slowdown from the 2.1% year-on-year growth rate seen in the previous month.

In the foreign exchange market, the euro did not experience any significant immediate fluctuation following the release of this economic data. Currently, the euro is trading slightly higher against the US dollar, up 0.11% at $1.1537.