19.09.2016 - Data for the euro area balance of payments indicate a decline of the euro in the future

Today in the euro area was published the data according to which the balance of payments of monetary union in July fell to 21.0 billion euros vs. expected 27.2 billion euros. It should be noted that in June, the same indicator was 29.5 billion euros. The balance of trade in goods decreased to 26.4 billion euros against 32.3 billion euros in the previous period. We expect volatility to grow strongly in the near future in connection with the publication of the Fed’s statement on monetary policy on Wednesday. Our medium-term outlook remains negative.

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