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Eurozone Current Account recorded surplus of 21.0 billion euros

Monday, Sep 19 2016

The current account of the euro area recorded a surplus of €21.0 billion in July 2016. This reflected surpluses for goods (€26.4 billion), services (€4.9 billion) and primary income (€3.4 billion), which were partly offset by a deficit in secondary income (€13.7 billion). The 12-month cumulated current account for the period ending in July 2016 recorded a surplus of €343.2 billion (3.2% of euro area GDP), compared with one of €309.7 billion (3.0% of euro area GDP) for the 12 months to July 2015.

This development was mostly due to an increase in the surpluses for both goods (from €318.8 billion to €363.0 billion) and services (from €63.6 billion to €64.9 billion), as well as a decrease in the deficit for secondary income (from €134.5 billion to €126.0 billion). These were partly offset by decreases in the surplus for primary income (from €61.9 billion to €41.3 billion).

 

Euro is currently being traded around 1.1180 area. Pair is likely to find support around 1.1150 and resistance above 1.12 handle. 

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