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Euro at 8 Week High As German Trade Data in Line

Last updated 2/8/2012 2:57 AM ET (GMT -5) 0 Comments - Add your comment

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Boris Schlossberg

Director of Currency Research, GFT

German Trade data printed in line with expectations as Eurozone’s largest economy registered yet another healthy surplus in December. On seasonally adjusted basis Germany recorded trade surplus of 13.9 Billion euros just a tad lower than the 14 Billion eyed.

German exports fell 4.3% in December to 86.7 Billion narrowing the trade surplus from November’s reading of 14.9 Billion euros. Imports fell as well but by a lesser amount of 3.9% to 72.8 Billion euros.

Overall, the data  shows that the real economy in core Europe remains largely unaffected by the turbulence in the region’s credit markets as Germany's capital surplus  remains intact. The EUR/USD continued to strengthen in quiet Asian session as it hit eight week highs of 1.3283.

With no further economic data on calendar the European session may see some consolidation as traders await the news of a Greek debt deal, but if risk flows remain supportive the pair could make a run to the 1.3300 level as the day progresses.

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About The Author

Boris Schlossberg began his Wall Street trading career more than 20 years ago at Drexel Burhnam Lambert. There, he traded nearly every type of financial product on the market in the U.S., from equities and options to stock index futures and foreign exchange. His innate ability to analyze market information and use it to trade has helped him become an industry-recognized, “go to” trading professional.

These days, whenever the markets move, many organizations turn to Schlossberg for his take on the situation. He is a weekly contributor to CNBC's Squawk Box and a regular commentator for Bloomberg radio and television. His daily currency research is widely quoted by Reuters, Dow Jones and Agence France Presse newswires and appears in numerous newspapers worldwide. Schlossberg has written for publications like SFO magazine, Active Trader and Technical Analysis of Stocks and Commodities. He is also the author of Technical Analysis of the Currency Market and the co-author of Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game with Kathy Lien. He joined GFT in 2008.