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German Trade Data Offers EUR Support Ahead of Key US Releases

German trade balance was released this morning, noticing a small decline month-on-month and underperforming its forecast for May. Even if figures came out lower than anticipated we can see that there was an uplift for the export section, which should give us an indication of a lift for imports too. Even if the trade balance did come out lower than expected, we can see that manufacturing and production in Germany is not underperforming and has led to some support for the EUR after recent losses.

This afternoon US will announce both weekly jobs and balance of trade. We saw last week from non-farm payroll that the US jobs market is healthier than its forecast, suggesting more jobs are being created. Can we see a continuing pattern today from its weekly update, it will reinforce further confidence. As well we do have trade balance numbers, that’s currently forecasted at -56.4B compared to last months of -60.3B. Ahead of Federal Reserve meeting next, trade balance figures will be of importance to set the tone of monetary policies.

GBP/EUR 1.1575 GBP/USD 1.3365 GBP/AED 4.9107

GBP/AUD 1.8951 GBP/CHF 1.0650 GBP/CAD 1.8634
GBP/NZD 2.2940 EUR/USD 1.1531 GBP/ZAR 22.0025

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