This morning was another quiet start to the day on the eurozone economic calendar.
Key statistics included trade data from Germany.
In August, Germany’s trade surplus fell from 17.7 billion euros to 13.0 billion euros. Economists were forecasting a shrinkage to 15.8 billion euros.
According to Destatis,
- German exports fell 1.2%, while imports increased 3.5% compared to July 2021.
- In August 2021, merchandise exports rose 14.4 percent to 104.4 billion euros, year-on-year.
- Imports increased by 18.1% to 93.8 billion euros.
Trade with EU countries
- German exports to EU member states increased by 15.7%, while imports from EU member states increased by 11.2%.
- To euro-zone countries, exports increased by 16.9%, while imports from euro-zone countries increased by 13.5%.
Trade with non-EU countries
- Merchandise exports to outside the EU increased 13.1%, while imports jumped 25.9%.
With other countries
- Exports to the UK fell 15.1%, while imports from the UK fell 7.9%.
- To China, however, exports rose 4.4%, while exports to the United States jumped 22.4%.
Prior to trade data, the Euro fell to a low of $ 1.15413 ahead of the stats and the current day before finding support.
In response to today’s stats, the EUR fell to a post-stat low of $ 1.15419 before climbing back to a current and post-stat high of $ 1.15613.
At the time of this writing, the Euro was up 0.09% to $ 1.15607.
On the monetary policy front, ECB President Lagarde is expected to speak later today. The big question will be whether the President of the ECB concedes on inflation …
The key, however, will be the non-farm payroll coming from the United States… Markets are looking for a strong pick-up in hiring to accompany the trend of rising cost pressures to push the Fed to act…