According to the latest report published by Destatis, Germany’s official statistical agency, the German export showed an unexpected drop in January 2016 while the import increased stronger than expected during the same reporting period, Market Leader reports.
More specifically, January’s export dropped by 0,5% relative to December 2016 when there was a 0.7% decline. With that being said this is the 3nd consecutive month of shrinking export. It is important to mention that experts had anticipated an 0.8% increase in January, which is why their predictions completely failed.
As for January’s import figures, they grew by as much as 1.2% over the period relative to December 2015 when there was a 1.6% drop. It is important to mention that experts had anticipated an 0.8% increase in January as well, which means the data came out stronger than expected.
As a result, Germany’s external trade surplus figures turned out to be much lower than expected in January 2016. For the same of comparison, in December 2015, it was just 20,3 billion euros. A month later, it shrank all the way down to 18.8 billion euros.
FOREX
Masterforex-V Academy reports that the common European currency keeps on going flat against the U.S. Dollar within the scope of a relatively wide price range. For now, it is trading somewhere around 1.114, the experts say.
The closest major levels of support are 1,0821 and 1.0716
The closest major level of resistance is 1,1375.
