Seasonally adjusted eurozone trade data

  • Non-seasonally adjusted €17.9B vs €28.5B exp
  • Exports -3.0% y/y
  • Imports +3.0% y/y

Soft numbers. The euro is about where it was a year ago versus USD but much higher versus GBP because of Brexit.

Sequentially, starting in January exports have been €177.3B, €178.7B, €182.7B and now €178.9B so it looks more like March was the aberration.

In any case, these trade numbers aren't a big FX driver but EUR/USD has slipped to a session low at 1.1175.

Meanwhile, Q1 Greek employment rises to 22.3% from 22.6%.