German trade balance Oct mm +EUR 20.6 bln vs +EUR 19.2bln exp

  • EUR + 18.6 bln prev revised up from +18.5 bln
  • current account balance EUR +23.1 bln vs +18.0 bln exp vs +23.7 bln prev
  • exports SA mm -0.5% vs -1.7% exp vs +5.5% prev
  • imports SA mm -3.1% vs -1.7% vs +5.2% prev
  • sharpest imports fall since Nov 2012

Better than expected headline but slowdown in imports and exports will give cause for concern

  • Q3 labour costs WDA yy +2.3% vs 1.7% prev
  • qq +0.3% vs +0.7% prev

EURUSD 1.2333 after decent gains this morning have capped at 1.2342 so far

German trade balance table Oct

German trade balance table Oct

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