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Trade Data From Germany Delivers EUR Support

By:
Bob Mason
Published: Jun 9, 2021, 06:22 GMT+00:00

A widening to Germany's trade surplus provided EUR support early this morning in spite of the surplus falling short of forecasts.

euro background

It’s a quieter day on the economic data front. Ahead of the European open, trade data for Germany was in focus.

In April, Germany’s trade surplus widened from €14.3bn to €15.9bn. Economists had forecast a widening to €16.3bn.

According to Destatis,

  • Exports increased 0.3%, month-on-month, following a 1.2% rise in March.
  • Year-on-year, exports were up 47.7%.
  • Import slipped by 1.7%, month-on-month, partially reversing a 6.5% increase in March.
  • Year-on-year, imports were up by 33.2%.

The details:

  • Compared with April 2020, goods exports to EU countries rose by 58.6%, with imports up by 44.8%.
  • Goods exports to the Eurozone increased by 59.8%, with imports rising by 40.5%.
  • To EU countries outside of the Eurozone, goods exports increased by 55.9%, with imports up 55.1%.
  • To non-EU countries, exports rose by 36.5%, with imports up by 22.3%.
  • Exports to the UK surged by 64.1%, while imports from the UK slipped by 0.6%.
  • To China, exports rose by 16.0%, year-on-year, while exports to the U.S increased by 59.9%.

Market Impact

Ahead of the trade data, the EUR had risen from a pre-stat and current day low $1.21713 to a pre-stat high and current day high $1.21855

In response to today’s stats, the EUR slipped to a post-stat low $1.21772 before rising to post-stat high $1.21820.

At the time of writing, the EUR was up by 0.07% to $1.21812.

EURUSD 090621 Hourly Chart

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.

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