German Retail Sales, No Sign Of Recovery

Preliminary readings at PMi last week had investors betting on a sure recovery in second half of the year for Europe, but today's retail numbers from Germany show clearly that either last week numbers will be revised downward or recovery, if any, is not passing to consumers.
There is less than two months to German elections and Merkel's Rating will not change for the worst is euro is talked downward by ECB tomorrow. Draghi has really a chance to part himself from his influential colleagues and send a clear message that no forward guidance can be positive in the absence of prompt intervention by its institution. True governments must make their part but ECB should really focus on negative deposit rates as an opportunity to revive credit.

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