German Merchandise Trade Surplus narrows in Sept to Euro 10.6 billion lower than market expectations

German Data

• Sept Trade surplus Euro 10.6 Billion from Euro 12.5 Billion in August, expectations Euro 12.6 Billion
• Imports in August +1.1 % m/m from +0.1 % in August slightly better than expectations of +0.9 %
• Exports in August -1.8 % m/m from +1.7 % (revised from +2.2 %) in July worse than expectations of +1.7 %
• Sept. CPI -0.4 % m/m from +0.2 % -0.3 % y/y from 0.0 % as per expectations
• Sept final HICP -0.5 % m/m from +0.3 % -0.5 % y/y from -0.1 % slightly worse than expectations.

In short the trade surplus narrows as exports are dramatically lower.

Euro-dollar on the data rose from 1.4718 to 1.4728 but has since eased back to 1.4718 it’s pre data release level