German Trade Data Delivers EUR Support Ahead of the Open

On a quiet start to the week, the German economy was back in focus this morning.

German Trade Balance

In June, Germany’s trade surplus widened from €12.3bn to €16.3bn. Economists had forecast a widening to €16.8bn.

According to Destatis,

• Exports increased 1.3%, month-on-month, to €118.7bn.
  • Germany exported goods to the value of €64.5bn to EU member states. Exports were up 26.1% when compared with June 2020.
  • With non-EU countries, exports of goods increased 20.7% to €54.1bn, when compared with June 2020.
• Imports rose by 0.6% on the previous month to €102.4bn.
  • From EU member states, Germany imported goods to the value of €54.9bn.
  • Compared with June 2020, imports from EU member states were up 22.1%.
  • Imports from non-EU member states increased by 33.0% to €47.5bn, when compared with June 2020.

Market Impact

Ahead of today’s numbers, the EUR had fallen to a pre-stat and current day low $1.17426 before rising to a pre-stat high $1.17648.

In response to today’s stats, the EUR fell to a post-stat low $1.17565 before rising to a post-stat and current day high $1.17658.

At the time of writing, the EUR was up by 0.07% to $1.17628.

Next Up

Jolt’s job opening numbers from the U.S. Don’t expect too much impact, however, following Friday’s nonfarm payrolls.