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German Current Account Set to Narrow in August
Friday, 09 October 2009 02:23:25 GMT  |  Ilya Spivak, Currency Analyst
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Germany’s Current Account surplus is expected to narrow to 8.8 billion euro in August from 11.0 billion in the previous month. A survey of economists polled by Bloomberg forecasts that the external balance will contribute on average 3.8% to the economy’s overall output this and next year, the smallest since 2003. Meanwhile, the current account deficits of Germany’s main non-Eurozone trading partners in the US and the UK are on track to narrow over the same period, hinting at downward pressure on EURGBP and EURUSD in the long-term outlook as international trade patterns gradually adjust.

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