020 7898 0500The main release from the eurozone yesterday was the German balance of trade for February. The figures showed that the German trade surplus fell to €18.4 billion from €19.8 billion in the same month a year ago. The figure had been expected to climb a little higher from €21.3 billion in January to €21.4 billion but it wasn’t to be. Still, the reading remains strong and there is no cause for concern.
There was further evidence that concerns over a possible trade war between the US and China are bleeding through into other areas, as eurozone consumer sentiment fell for the third month in a row in April. The euro pretty much traded sideways against sterling throughout the day, while it climbed higher against the dollar. However, movements were still within a pretty tight range in what was a relatively quiet start to the week for the single currency.
Like the UK, eurozone economic data is extremely quiet today. European Central Bank President Mario Draghi is set to deliver a speech tomorrow at midday and there will also be the ECB’s non-monetary policy meeting.
