Currency Note Euro

Good German export data supports the euro

By Smart Currency October 9th, 2013

The euro steadied its losses against the US dollar yesterday as news from the German economy kept market movements limited. Germany, Europe’s largest economy posted a better than expected €15.6 billion trade surplus as the country exported far more than it imported, a good indicator for growth. To counter this good news a separate survey showed that German industrial orders unexpectedly fell by 0.3% for August and this stopped the euro from gaining in the markets from the previous data release. Today we have German Industrial Output figures released, the previous number was -1.7% with an expected figure of 1% which could see the euro gain in the markets. This evening, the President of the ECB will be speaking and traders will listen closely to any clues regarding monetary policy or forward guidance, especially following last week’s ECB meeting where the central bank suggested they were not concerned with the euro’s recent appreciation in the currency market. Call in now to see how the euro is fairing today.