The euro was strong against the pound and the dollar yesterday, reaching a one week high against the greenback ahead of the signing of the US-China trade deal. However, it is slightly weaker this morning.
Economic data showed that the Eurozone trade surplus widened to EUR 20.72 billion in November 2019 from EUR 18.19 billion in the same month last year, below market expectations of EUR 23.3 billion. Exports dropped 2.9%, whilst imports plunged 4.6%, declining from all trade partners including China, the US and the UK.
Industrial production in the Euro Area fell 1.5% from a year earlier in November 2019, compared with market consensus of a 1.1% decrease. This was the 13th straight month of contraction in the industry sector.
Today ECB President, Christine Lagarde, will make a speech following the publication of the ECB’s Monetary Policy Meeting Accounts.