Eurozone Current Account surplus at €29.4 billion
The current account of the euro area recorded a surplus of €29.4 billion in January 2015, beating expectations on €21.3 billion surplus. This reflected surpluses for goods (€25.2 billion), services (€4.4 billion) and primary income (€11.5 billion), which were partly offset by a deficit for secondary income (€11.6 billion).
Earlier today, German PPI data was released. While analysts were forecasting 0.2% incline official data showed that the overall index rose by 0.1% in February 2015 (–0.6% in January 2015 and –0.7% in December 2014). In February 2015 the index of producer prices for industrial products fell by 2.1% compared with the corresponding month of the preceding year. In January 2015 the annual rate of change all over had been –2.2%.
Euro is currently being traded few points above 1.0670 area. Pair is likely to find support around 1.06 and resistance above 1.07 handle. There will be no major data releases in the rest of the session so we can expect steadier rest of the day.
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