Trade Data From Germany Delivers EUR Support

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.