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Germany logs wider trade surplus, USD pares gains after private payrolls

Germany logs wider trade surplus, USD pares gains after private payrolls

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Germany’s trade surplus has widened to EUR 16.6 billion in August from EUR 15.9 billion in July, according to the latest data by the Federal Statistical Office.

Analysts on average had expected a trade surplus of EUR 15 billion.

Total exports shrank 1.2% month-over-month in August, or much faster than expected, to EUR 127.9 billion – the lowest level since March 2022.

Exports to EU countries dropped 1.5%, with those to the Euro Area shrinking by 2.6%.

Total imports decreased 0.4% month-over-month in August to EUR 111.4 billion, while confounding market expectations of a 0.5% growth.

Imports from EU countries rose by 1.9% in August, with those from the Euro Area up by 3.2%.

The Euro was last inching up 0.04% on the day against the US Dollar, with the EUR/USD currency pair trading at 1.0508. Earlier this week, the major Forex pair went down as low as 1.0448 to mark its weakest level since December 7th 2022.

Meanwhile, the US Dollar pared a part of recent gains after ADP data showed US private payrolls had risen at a much slower pace than expected in September, by 89,000, or the least since January 2021 when employers shed jobs.

Still, according to analysts, it is too early to say to what extent the US labor market is cooling. This way, Friday’s Non-Farm Payrolls report will be closely watched for more evidence of such a tendency.

The US Dollar Index was last down 0.09% on the day to 106.682, while pulling back from an almost 11-month high.

The post Germany logs wider trade surplus, USD pares gains after private payrolls first appeared on Trading Pedia.

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