Forex: EUR/GBP: German trade surplus widens; Eurozone Retail Sales well up

on Jan 8, 2014
Updated: Oct 21, 2019
Listen Wednesday, January 8th:_ The German Federal Statistical Office Destatis today reported a November trade surplus of €18.1 billion, with the country’s exports totalling €94.6 billion in the month and imports €76.5 billion. Seasonally adjusted, the surplus stands at €17.8 billion, up from €16.7 billion in October but down on the expected €18.9 billion.

Exports rose one percent and imports fell by 0.4 percent in November 2013 as compared with the same period in 2012.
Eurozone Retail Sales rose 1.4 m/m and 1.6 y/y in November, the fastest rate of increase in 12 years and offsetting the declines in the prior two months. The numbers will boost hopes that growing domestic demand will continue to bolster the fragile economic recovery in the region and stave off the threat of deflation.

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Increased sales were reported across the single currency region, with troubled France leading the pack with expansion of 2.1 percent and a 1.5 percent rise in Germany
Meanwhile though, Italy’s Unemployment Rate jumped to a record high at 12.7 percent in November, from 12.5 in October and worse than analysts’ expectations for 12.6 percent.
The Eurozone’s Unemployment Rate remained unchanged in November at 12.1 percent.

German Factory Orders m/m for November came out a short time ago, with the rise of 2.1 percent comfortably ahead of the expected 1.2 percent and reversing the October 2.2 percent shrinkage.
UK house prices y/y rose at a slower rate than expected in December, according to Britain’s biggest lender, Halifax Bank of Scotland. The Halifax House Price Index was also down month-on-month for the first time since January last year, with the reading of 0.6 percent ending 10 consecutive months of growth in prices. The annualised increase of 7.5 percent undershot expectations for 8.2 percent.
In Asian trading today, the EUR/GBP reached an ongoing intraday high of 0.8315, but the pair has since been in descent. At the moment the quote is trading at 0.8275.
Today’s resistances: 0.8315, 0.8335 and 0.8350.
Supports: 0.8300, 0.8290 and 0.8280.


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