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EUR/USD Falls on Surprise Euro Area Trade Deficit

EUR/USD Falls on Surprise Euro Area Trade Deficit

2017-03-17 10:28:00
Nick Cawley, Strategist
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Talking Points

- The Euro Area recorded its first trade deficit since January 2014.

- The single currency fell, giving back some of its recent gains.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for next week on the DailyFX Webinar Calendar.

The latest release from Eurostat showed the Euro Area record a EUR0.6 billion trade deficit with the rest of the world in January, sharply lower than expectations of a EUR22 billion surplus and December’s reading of EUR24.5 billion. Exports to the rest of the world increased stood at EUR163.9 billion, up 13% compared to January 2016, while imports from the rest of the world stood at EUR164.5 billion, a rise of 17% compared to January 2016.

EUR/USD Falls on Surprise Euro Area Trade Deficit

Source: Eurostat.

Today’s data showed the first trade gap since January 2014 and the biggest trade gap since January 2013.

The release, normally a low-level impact event, pushed the single currency lower against the USD, partially reversing some its recent gains post-FOMC.

Chart EURUSD 5-Minute Timeframe (March, 2017)

EUR/USD Falls on Surprise Euro Area Trade Deficit

Chart by IG

--- Written by Nick Cawley, Analyst

To contact Nick, email him at Nicholas.cawley@ig.com

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