Germany’s July trade surplus eased less than expected, from €16.3B to €16.1B, while consensus pointed to €15.5B. Both imports and exports have risen on the month, by 0.9% and 0.5%, against contracting expectations. The non-seasonally adjusted current account dropped more than expected, from €18.5B (revised from €16.5) to €12.8B (consensus of €13.5B).
In France, imports dropped to €40.85B (from €42.53B) and exports rose to €36.58B (from €36.64B) in July, helping the trade deficit improving more than expected, from €-6.07B to €-4.27B (consensus of €-5.80B). France budget widened from €-56.7B to €-85.5B in July.
“As stated before, while trading below the 1.2748 June high, our medium term bearish view will remain valid”, wrote analyst Karen Jones, pointing to the resumption of the midterm downtrend below 1.2459, after failing at 1.2561 and 1.2502.