According to Destatis, the German statistics office, the trade balance reduced its surplus in July to 5.4B euros from 6.2B in June (figure revised downward from 6.4B). The result, however, improves the 4.8B estimated by the consensus.
The German exports fell 2.1% after growing 4.2% the previous month, but moderate the estimated 2.3% drop.
Finally, the imports fell by 1.5% after rising 0.1% the previous month. The figure disappoints the expectations of the market, which expected an increase of 0.8%.
EUR/USD reaction
The EUR/USD is gaining ground since the beginning of the day, after yesterday’s sharp drop to 9-day lows at 0.9910. The pair has reached an intraday high on Friday at 0.9995 after German data, and trades at time of writing above 0.9993, gaining 0.48% daily.
Source: Fx Street
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