Release Explanation: This is a nation’s total exports of Goods, Services, and Transfers, deducted from its total imports of them. (Not to be confused with the Trade Balance that looks solely at imported and exported Goods). Current Account Balance calculations exclude transactions in Financial assets and liabilities. The Current account is a comprehensive accounting review of a nation’s Global trade that includes the Trade Balance in its figures.
Trade Desk Thoughts: The Euro-area current account was released at -16.0B, much worse than analysts’ expectations. The previously released number, for the month of October, was revised slightly lower to -6.0B. The report shows that the Euro-area trade account recorded a large deficit in November, as exports dropped sharply. The service trade surplus also narrowed in November, on lower demand
Forex Technical Reaction: The euro jumped 40 pips immediately after the release. Since the Asian session started, the euro has advanced 90-pips, and is approaching TheLFB R1 (1.3345)