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The main release from the eurozone on Friday was the balance of trade figures from Germany in December. Figures released showed the trade surplus sharply decrease to €13.9 billion from €18.4 billion in November. This was largely brought about through a sharp decline in exports and is the smallest surplus since January 2016.

In contrast to the UK, it is a very quiet start to the week for the eurozone and we won’t see anything of note on the economic data schedule until Wednesday. Even then, we will only see the eurozone’s industrial production figures for December.

However, things pick up on Thursday, with the GDP growth rates for the fourth quarter of 2018 from Germany and the eurozone. We will also see the employment change figures from the eurozone. Finally, on Friday we will see the euro area’s balance of trade figures for December.

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