Trade Balance n.s.a. (EUR) comes in at -7.8B against 6.3B consensus

Eurozone’s unadjusted Trade Balance came in at -7.8 billion euros, according to data released today. This figure was significantly below the market consensus expectation of 6.3 billion euros. The previous month’s reading was -1.0 billion euros. The actual print represents a -223.8% surprise compared to the consensus forecast, indicating a much weaker trade balance than anticipated by analysts.

Following the release, EUR pairs showed varied reactions over the first 15 minutes. EURAUD moved -7.5 pips, EURCAD moved +1.6 pips, EURCHF moved +1.4 pips, and EURGBP moved +0.1 pips. EURJPY saw a -3.5 pips change, EURNZD moved -8.3 pips, and EURUSD moved -0.6 pips. These initial moves are generally small when compared to the historical median 1-hour moves for these pairs, which typically range from 4 pips for EURGBP to 13 pips for EURNZD after past releases of this event.