Forex : Narrower Trade Balance deficit for the Eurozone

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Trade Balance figures for the month of February have been announced for the Eurozone. The announced rate of a 1.5bilion trade deficit was significantly improved compared to the previous month’s 15.6billion figure for the month of February. The expectations of the public were mixed as one poll from Reuters indicated a 2.2 billion expected trade surplus while a different poll showed a 4.4 trade deficit. Consumer price index figures for the month of March were released at the same time indicating that on a year to year to basis the inflation rate rose to 2.7% from 2.4% and was bigger than the expected 2.6%.

Following these news announcements at 10:00GMT the single currency recorded some minor gains against the sterling and the US dollar that were immediately capped. More particularly the EURGBP that recorded a 10pip gain and lost 15 pips right after. The EURGBP is currently traded at 0.8844.