Euro Zone Current Account Moves into Negative Territory

Euro Zone Current Account sa?(FEB)
Actual:??? -5.3B
Consensus:? 1.1B
Previous:??? 3.5B

The seasonally adjusted Euro Zone Current Account moved into negative territory, as a tumble in the Balance of Payments for Goods lead the headline figure lower. Net exports for Goods came in at 2.6 billion euros versus 4.9 billion previous, its worst performance since August of 2006. Other notables on the report included a tumble in net Income, coming in at -5.1B from -0.1B previous. The only improvement in the components came on an increased surplus in the trade of Services at 3.8 versus 3.0 previous.

Markets paid little attention to the data, sending the EURUSD approximately 10 points higher in the wake of the report. London session price action may largely amount to noise ahead of later US GDP figures, with the future of US dollar price action hinging on the significant economic data release.