A strong change in the n.s.a. trade surplus from €2.3B (revised from €2.8B) to €8.6B in March surprised investors, while the adjusted trade balance rose as expected by €600M to €4.3B.
The inflation report came as expected at 2.6% (YoY) and 0.5% (MoM) in April, but core CPI didn’t drop to 1.5% as consensus and remained at 1.6%.
The EUR/USD had printed its low at 1.2680 before bouncing ahead of EMU’s data. Currently, the pair is hovering 1.2720/30 area.
Mataf.net analysts point to resistances at 1.2740, 1.2805 and 1.2865. On the downside, supports may be found at 1.2675, 1.2620 and 1.2600.