The EUR Ignores Yet More Weak Numbers from Germany. ECB Minutes and U.S Stats Up Next

It was another relatively quiet start to the European session. German trade data was in focus.

Trade Data

In May, Germany’s trade surplus narrowed from €15.2bn to €12.3bn. Economists had forecast a widening to €17.4bn.

According to Destatis,

• Exports increased by 0.3% on the previous month and by 36.4% on the same month a year earlier.
• Imports increased by 3.4% on the previous month and by 32.6% on the same month a year earlier.

Trade with EU countries,

• Germany exported goods to the value of €60.7bn to EU member states, while importing goods to the value of €52.9bn.
• Compared with May 2020, exports were up 43.3% and imports up 38.1%.
• Goods exported to euro area countries increased by 40.2%, with imports up 36.9%.
• In May 2021, goods exported to EU countries outside of the euro area rose by 50.8%, with imports up 40.8%, year-on-year.

Trade with non-EU countries,

• Exports to non-EU countries increased by 28.7%, with imports rising by 26.5%.
• Compared with May 2020, exports to the UK jumped by 46.3%, while imports from the UK rose by 26.2%.
• Exports to China rose by 17.1%, while exports to the U.S surged by 40.7%.

Market Impact

Ahead of today’s trade data, the EUR had fallen to a pre-stat and current day low $1.17836 before finding support to return to $1.18 levels.

In response to today’s numbers, the EUR fell to a post-stat low $1.17924 before rising to a post-stat and current day high $1.18381.

At the time of writing, the EUR was up by 0.36% to $1.18330.

Next Up

Jobless Claim figures from the U.S. A sharp fall in claims could raise the prospects of a sooner rather than later move by the FED…

While stats from the U.S will influence, expect the ECB monetary policy meeting minutes to also be key. The release coincides with the U.S jobless claims data.