Germany July trade balance EUR 19.5bln vs 21.0bln exp

German July trade data just out 8 Sept

• 22,3bln prev
• c/a balance EUR 19.4bln vs 20.8bln exp vs 25.0 bln prev
• exports SA mm 0.2% vs 1.3% exp vs -2.7% prev
• imports SA mm 2.2% vs 2.85 exp vs -4.4% prev
• Q2 labour costs qq SA 0.3% vs 0.1% prev down from 0.5%
• yy WDA 2.3% VS 2.2% prev down from 2.5%

EURUSD 1.2078 from 1.2093 highs. EURUSD 0.9193 having failed around 0.9200 again. If we do eventually break look for it to cap cable.