German Trade Balance below expectations
Christophe Chevalier October 8, 2020 11:53 AM
The German Federal Statistical Office has posted August trade balance at 12.8 billion euros surplus, below 16 billion euros surplus expected.
The German Federal Statistical Office has posted August trade balance at 12.8 billion euros surplus, below 16 billion euros surplus expected. Yesterday, Germany's industrial production declined 0.2% on month in August, well below +1.5% expected.
From a technical point of view, on a daily chart, EUR/USD stands below a former rising trend line and stands below its 50-period moving average (in blue). Readers may therefore consider the potential for a new weakness below horizontal resistance at 1.1850. The nearest threshold would be set at September bottom at 1.1610 and a second one would be set at previous overlap at 1.1500.
Source: TradingView, GAIN Capital
Disclaimer: GAIN Capital UK Limited (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.