The Federal Statistical Office of Germany today published a battery of economic data for the month of November with mixed results.
The German checking account increased its surplus to 18.9B euros from the previous 17.6B (revised up from 15.4B), surpassing the 14.7B estimated by the market. The balance of tradeInstead, it reduced its surplus to 10.9B euros from the previous 12.4B, falling below the 12.8B forecast.
German industrial production fell 0.2% in the monthly reading after having grown 2.4% in October (figure revised down from 2.8%), disappointing the 1% increase predicted by experts. At the annual level, the decline was 2.4% after having fallen 0.9% the previous month.
The German exports grew 1.7% in November after having increased by 4.2% in October (figure revised up from 4.1%), improving the estimated -0.2%. Imports rose 3.3%, above the -1.7% expected. The previous month they were up 5.2% (revised from 5%).
EUR / USD reaction
The EUR/USD it is moving in a narrow range of just 15 pips from the Asian open. At the beginning of the day, the pair fell to a daily low at 1.1290, and after the German data came out it reached its maximum for the day at 1.1304.
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