Here are the key factors to keep in mind today for Euro trades:
- German Trade Balance: Germany reported a trade surplus of €22.8 billion for July which was below economists predictions for a trade surplus of €23.5 billion. Forex traders can compare this to the trade surplus of €24.1 billion which was reported in June. German exports surged by 2.4% in July monthly and German imports rose by 2.2%. This was well above predictions for an increase in German exports of only 1.0% and German imports of only 0.7%. German exports in June were revised to the downside and so were German imports; June's data shows German exports plunged by 1.1% while German imports decreased by 0.8%.
- German Current Account: Germany reported a current account surplus of €23.4 billion which narrowly missed economists predictions for a current account surplus of €23.5 billion. Forex traders can compare this to June's current account surplus of €24.4 billion.
- German Labor Costs: Germany reported labor costs rose in the second-quarter by 0.9% quarterly and 3.1% annualized. Forex traders can compare this with the first-quarter's increase of 0.8% quarterly and 2.8% annualized which was revised higher.
- Eurozone GDP: Economists predict the preliminary GDP report to show a quarterly expansion of 0.3% and an annualized expansion of 1.2%. This would be in-line with the previous GDP report which showed a quarterly increase of 0.3% and annualized increase of 1.2%. Forex traders are advised to look into the details of the report.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese GDP: The final second-quarter GDP was revised higher from the previous report and now shows the Japanese economy contracted by 0.3% quarterly and 1.2% annualized. While the contraction remains in place it is less than the contraction predicted by economists which was 0.5% quarterly and 1.8% annualized. Japanese GDP was first reported to have contracted by 0.4% quarterly and 1.6% annualized. The nominal GDP rose by 0.1% after being reported at 0.0%, but the GDP Deflator was revised down to 1.5% from 1.6%. Private consumption was revised to a contraction of 0.7% from the previously reported contraction of 0.8%.
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