German goods exports growth unchanged in June, exports unlikely to add significantly to growth in H2

Germany’s goods exports remained the same in June after recording a decent rise in May. Meanwhile, imports rose for the third consecutive month, rising 1.2 percent sequentially in June. With this, the trade surplus narrowed to EUR 19.3 billion on a seasonally adjusted basis, the joint lowest level since the beginning of 2017.

Over second quarter as a whole, the German trade surplus eased by EUR 3.5 billion, hinting that the national accounts data for that quarter would probably indicate subdued net exports. And with new export orders having moderated now, significant net exports contribution to growth in the second half of this year is not expected, noted Daiwa Capital Markets Research in a report.

Meanwhile, French trade figures were released today too. Its trade deficit widened to EUR 6.2 billion, the highest since the start of 2017.

At 18:00 GMT the FxWirePro's Hourly Strength Index of Euro was neutral at -5.33195, while the FxWirePro's Hourly Strength Index of US Dollar was highly bullish at 100.062. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex