The market takes breath after the long rally. What opportunities do traders have today?
German June exports demonstrate the sharpest dip in two years
In June, German imports descended more steeply than exports, pushing the trade balance to a 10-month maximum, as Tuesday’s data disclosed.
The data will probably spur criticism of conservative Chancellor Angela Merkel, expected to grasp a fourth term next month, for not stimulating investments enough as a way to step up imports and back other countries.
Seasonally adjusted exports went down by 2.8%, which is the steepest drop since August 2015, which concluded five consecutive months of surge. Imports slid 4.5%, which is the biggest loss since January 2009, as data from the Federal Statistics Office disclosed.
Both figures ruined hopes in a Reuters survey, which had pointed to exports sagging 0.3%, and imports ascending by 0.2%.
Financial experts consider the decline in both imports and exports to be a technical correction after five months of surge powered by firm demands for German goods from within and also outside of the euro zone.
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.