January trade balance report from Germany
- +€19.0bln prev revised up from +€18.8bln
- exports SA mm -0.5% vs +0.8% exp vs -0.7% revised up from -1.6% prev
- imports SA mm +1.2% vs +0.8% exp -1.6% prev
- current account balance +€13.2bln vs +€17.0bln exp vs +€26.3bln prev revised up from +€25.6bln
- Q4 labour costs WDA yy 2.1% vs +2.4% prev
- Q4 labour costs SA qq 0.5% vs 0.0% prev
Softer headline not welcome but exports dip tempered by better revision. Imports up and thatds suggest domestic demand still which is a key driver for ECB and Germany.
Euro a little softer again with EURUSD 1.0970 EURGBP 0.7728 EURJPY 124.66
