Germany’s retail sales MoM report

The pair failed to break out from a major resistance line, sending the pair lower towards a major support line. Germany’s retail sales MoM report recorded its second-highest monthly growth since July 2011. However, this optimism quickly turned into pessimism as the country’s year-over-year result for the report recorded a 3.1% improvement. This represents the second consecutive decline for the report, which contradicts the MoM report for the month of August. While western Europe’s economy remains uncertain with its future, eastern Europe led by Poland is on the rise. A recent report showed the country shrinking by less than 3.0% this year. Analysts also see a strong rebound for the economy in 2021. A major catalyst for this was the country’s strict tax collection. Moreover, the recently passed 2021 budget for Poland includes a budget deficit of up to 4.6% to help businesses and individuals to cope up with the economic impact of COVID-19.