Latest data released by Eurostat - 16 July 2018

  • Prior €18.1 bn; revised to €18.0 bn
  • Non-seasonally adjusted trade balance €16.5 bn vs €17.6 bn expected
  • Prior €16.7 bn

A lesser surplus than expected, and a weaker one compared to April's reading. We already had the French and German figures earlier in the month, so the impact here is kind of negated.

But the more important reading is the trade surplus to the US and that is at €54.8 bn from January to May. During the same period last year, that surplus was only €48.1 bn. Trump ain't gonna be too happy about that.