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Eurozone Current Account recorded a surplus of €20.4 billion

Friday, Dec 18 2015
The current account of the euro area recorded a surplus of €20.4 billion in October 2015. Analysts were predicting surplus of around €30 billion. This reflected surpluses for goods (€26.8 billion), services (€4.4 billion) and primary income (€3.1 billion), which were partly offset by a deficit in secondary income (€14.0 billion).
 
The 12-month cumulated current account for the period ending in October 2015 recorded a surplus of €299.9 billion (2.9% of euro area GDP), compared with a surplus of €237.5 billion (2.4% of euro area GDP) for the 12 months to October 2014. 
 
The increase in the current account surplus was largely due to an increase in the surplus for goods (from €239.6 billion to €313.6 billion) and, to a lesser extent, an increase in the surplus for primary income (from €57.9 billion to €67.0 billion). These were partly offset by a decrease in the surplus for services (from €75.4 billion to €57.2 billion) and an increase in the deficit for secondary income (from €135.5 billion to €137.9 billion).
 
Euro is currently being traded around 1.0810 area. Pair is likely to find support around 1.08750handle and resistance above 1.0850 level. There will be no major data releases in the rest of the session.
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