Bert Colijn, senior economist at ING, notes that the Eurozone’s 1.4% seasonally-adjusted increase in exports in May comes after a large drop in April and while the trend still seems to be positive, the question is whether nominal exports will have grown over the quarter.

Key Quotes

“A decline in exports of goods has been expected for a while, but 1Q figures were still quite positive. That was not least related to UK stockpiling ahead of a no-deal Brexit though. With that out of the way, 2Q was set to come in weak.”

“Weakening global growth and the trade conflict uncertainty have clouded the outlook for some time and eurozone businesses have been indicating that their competitiveness outside of the EU has been faltering over recent quarters, which is usually closely related to growth in real exports.”

“The second quarter is likely to have been very soft and the question is whether net exports will have still contributed positively given the large increase in March thanks to UK stockpiling. Expect a poor GDP reading for 2Q, which is something that the European Central Bank will be pencilling in as well ahead of next week's meeting.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rising after upbeat German PMI data

EUR/USD is trading around 1.1100, up on the day. German manufacturing PMI surprised with 43.6 and other figures also beat expectations. The ECB minutes are next.


GBP/USD stabilizing above 1.2100 ahead of the Johnson-Macron meeting

GBP/USD is trading above 1.2100, steady. After German Chancellor Merkel offered UK PM Johnson 30 days to solve the Irish Backstop problem, Johnson meets French President Macron.


USD/JPY: Weaker below 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker below the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 


Gold: Trapped in a symmetrical triangle

Gold is trapped in a narrowing price or a symmetrical triangle pattern, according to the 4-hour chart. The yellow metal rose to a six-year high of $1,353 per Oz on Aug. 13 and has charted lower highs and higher lows ever since.

Gold News

USD/CNH: Rallies, confirms falling channel breakout

Another wave of CNH selling could soon hit the market as the pair technical charts are reporting a bullish breakout. For instance, the pair has jumped 0.22% to levels above 7.08 today, confirming an upside break of the falling channel on the 4H chart.

Read more