The economic calendar has been very light today; no data releases from Asia, whatsoever. The only numbers we have received so far are the European trade balance and construction reports.

None of them is green, the trade balance missed the expectations and construction output declined this month.

The Italian trade balance came at -0.57 billion, while the expectations were for a 3.5 billion increase. The Eurozone trade balance missed expectations too; expectations were for a 22.3 billion surplus, but the actual surplus fell to around 15 billion Euros.

Energy prices have obviously contributed to the shrinking trade balance, so it´s not as bad s it looks. The construction output also declined this month, by 3.2%. Another red number from the Eurozone, but again, this sector is very volatile so you can´t really make use of these numbers.   

The Euro pairs are ignoring the economic numbers as well. Wait, the Euro just started slipping lower against the Buck. It´s not the numbers, so it must be the market itself. Let´s hope this spills into other forex pairs and the USD finds a few bids for a change, because we have that forex signal in USD/JPY.