Euro Rises As German Exports Surge
2017年10月10日 - 01:11PM
RTTF2
The euro strengthened against other major currencies in the
pre-European session on Tuesday, after data showed that Germany's
foreign trade surplus increased in August, as exports grew faster
than imports.
Data from Destatis showed that Germany's exports climbed a
calendar and seasonally adjusted 3.1 percent month-over-month in
August, well above the 0.2 percent rise in July.
Imports rose at a slower pace of 1.2 percent after a 2.4 percent
gain in the preceding month.
As a result, the trade surplus increased to EUR 21.6 billion in
August from EUR 19.3 billion in the prior month. Economists had
expected the surplus to rise to EUR 19.5 billion.
On a yearly basis, export growth eased to 7.2 percent from 8.0
percent. Similarly, imports grew 8.5 percent after expanding 9.6
percent.
The unadjusted trade surplus rose to EUR 20.0 billion from EUR
19.6 billion.
In the pre-European session, the euro rose to more than a 2-week
high of 1.1525 against the Swiss franc, an 8-day high of 1.1789
against the U.S. dollar and a 4-day high of 132.71 against the yen,
from yesterday's closing quotes of 1.1502, 1.1739 and 132.27,
respectively. If the euro extends its uptrend, it is likely to find
resistance around 1.17 against the franc, 1.19 against the
greenback and 135.00 against the yen.
Against the pound, the euro advanced to 0.8949 from yesterday's
closing value of 0.8933. The euro is likely to find resistance
around the 0.91 region.
Against the New Zealand and the Canadian dollars, the euro
climbed to nearly a 5-week high of 1.6671 and nearly a 2-week high
of 1.4751 from yesterday's closing quotes of 1.6616 and 1.4731,
respectively. On the upside, 1.67 against the kiwi and 1.49 against
the loonie are seen as the next resistance level for the euro.
Looking ahead, U.K. industrial production, construction output
and trade balance, for August, are due to be released later in the
day.
In the New York session, U.S. NFIB small business index for
September, U.K. NIESR gross domestic product estimate for
September, Canada housing starts for September and building permits
for August are slated for release.
At 10:00 am ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari is scheduled to deliver opening remarks at the
Regional Economic Conditions Conference hosted by the Federal
Reserve Bank of Minneapolis.
At 2:00 pm ET, Bank of Canada Senior Deputy Governor Carolyn
Wilkins is expected to participate in a panel discussion titled
"Systemic Risk and Macro-prudential Stress Testing" at the World
Bank-International Monetary Fund Annual Meetings, in Washington
DC.
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