Latest Eurozone trade data from the ECB now out 20 May 2016

  • prev revised up from +€19.0bln
  • NSA +€32.3bln vs +€11.2bln prev revised up from +€11.1bln
  • net portfolio investment inflow +€8bln vs +€66bln prev
  • net direct investment +€13.8bln vs +€44.5 bln prev

Improved c/a data on increase in exports is welcome but net investment flow decline is a concern.

Meanwhile EURUSD 1.1210 still underpinned by euro-cross buying