18.12.2015 - Statistics on the balance of payments of the euro area has led to a drop of the euro
Today it has published statistics on the balance of payments surplus in the euro zone, which unexpectedly fell to 20.4 billion euros in October, against 30.1 billion euros in September. The market average forecast was at around 32.2 billion euros. It is worth noting that the main reason for the deterioration statistic was the fall of trade surplus to 26.8 billion euros against 30.1 billion euros in the previous period. This fact puts additional pressure on the price of the euro, after the recent monetary tightening by the Fed. We expect the fall of the euro to 1.05 and 1.02 in the medium term and expect overcoming the support level at 1.08 in the near future.