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14 September

By Ahmed Mamdouh

Category: Forex News

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Euro area trade surplus narrows in July

Euro area trade surplus narrowed more than forecast in July, amid fears of a global trade war as US President Trump insists on narrowing his country’s trade deficit.

The trade surplus in the 19-nation bloc narrowed to 12.8 billion euros in July from a downwardly revised surplus of 16.5 billion euros, the European Union’s statistics office Eurostat said on Friday. That came well below analysts’ projections of 16.3 billion euros surplus.

Non-seasonally adjusted trade surplus reached €17.6 billion, where exports rose by 9.4 percent year-on-year while imports were up 13.4 percent.

Trade surplus to the US soared to €79.3 billion year-to-date in July, up from €67.1 billion during the same period in 2017.

As of 09:07 GMT, the euro extended its rise for a fifth straight session to $1.1707, noting that it hit a peak of $1.1721 earlier in the session.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.