Euro Spikes Lower – Mixed Trade Balance Weighs
Arslan Butt • 1 min read
The single currency Euro is taking a sharp bearish turn of around 20 pips over the release of European trade balance data.
According to Eurostat report, the first estimate for Euro area (EA19) exports of goods to the rest of the world in March 2019 was €205.6 billion, an expansion of 3.1% vs., with March 2018 (€199.5 bn). While the imports from the rest of the world held at €183.1 bn, a growth of 6.0% compared with March 2018 (€172.7 bn).
As a result, the Euro area registered a €22.5 bn excess in trade in goods with the rest of the world in March 2019, compared with + €26.9 bn in March 2018. Intra-Euro area trade fell to €172.1 bn in March 2019, -0.3% compared with March 2018.
With that, the European Trade Balance slipped to 17.9B vs. 20.6B beforehand. However, the Italian Trade Balance reported a surplus of 4.6B. Despite that, the Euro is weakening against the dollar.