News Column

Euro Mixed After Eurozone Trade Data

August 18, 2014



BRUSSELS (Alliance News) - The European currency showed mixed trading against its key counterparts in the European session on Monday after data showed that Eurozone's trade surplus increased unexpectedly in June.

Data from the Eurostat showed that the trade surplus rose to EUR 16.8 billion in June from EUR 15.4 billion in May. Economists had expected the trade surplus to decrease to EUR 15.1 billion. Exports increased 3% year-over-year and imports grew 2% in June.

On a seasonally adjusted basis, the trade surplus fell to EUR 13.8 billion in June from EUR 15.2 billion in May.

The euro fell to a 5-day low of 0.7994 against the pound around 3:10 am ET, from an early high of 0.8013 and held steady thereafter. At last week's close, the euro was trading at 0.8004 against the pound.

Against the US dollar, the euro edged down to 1.3380 around 3:40 am ET, from an early high of 1.3398 and held steady thereafter.

The euro rose to 1.2108 against the Swiss franc around 4:50 am ET, from an early low of 1.2087. If the euro extends its uptrend, it is likely to find resistance around the 1.213 area.

Moving away from an early low of 136.95 against the yen, the euro recovered to 137.20 around 3:30 am ET. The pair closed last week's deals at 137.11. The euro may test resistance near the 138.13 region.

Looking ahead, US NAHB housing market index for August is due to be released in the New York session.



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Source: Alliance News


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