17.10.201700:40 Forex Analysis & Reviews: The export of the eurozone is in order

The euro managed to return a number of positions in relation to the US dollar after the release of good data on the growth of exports of goods from the eurozone in August this year. The absence of other important macroeconomic statistics forced large investors to refrain from further buying the US dollar after Friday's fluctuations.

According to the Eurostat report, eurozone exports in August increased by 2.5% compared to July, while imports increased by only 0.4%. The positive balance of foreign trade in goods in the eurozone in August 2017 amounted to 21.6 billion euros, against the 17.9 billion euros in July.

After such data, it can be concluded that the sharp increase in the European currency in the first half did not significantly affect the export sector, which will positively affect the overall indicator of the eurozone economy in 2017.

Good data on the growth of production activity in the area of responsibility of the Federal Reserve Bank of New York did not provide significant support to the US dollar in the afternoon. According to the report of the Fed-New York, the production index in October 2017 increased by 5.8 points, to 30.2 points. Forty-four percent of respondents said about improvement of conditions, while 14% of respondents said that conditions worsened. Economists had expected the index to be 20 points.

As for the technical picture of the EURUSD pair, only a break and consolidation above the level of 1.1830 could lead to the return of the trading instrument to the area of monthly highs, which will allow us to count on continuing the upward trend in risky assets in order to update the levels of 1.1900 and 1.1950. For the time being, the trade is in the level of 1.1800. The pressure on the European currency will continue to be maintained, which will allow the sellers of risky assets to expect the continued decline of EURUSD already in the region of monthly lows in the range of 1.1690 and for their renewal in the 1.1630 and 1.1600 areas.

Today it also became known that the budget surplus of Greece has grown. According to the Ministry of Finance of the country, over the past 9 months of this year, the budget surplus of Greece amounted to 4.54 billion euros. However, it was not possible to reach the target level due to a reduction in tax revenues. According to the Ministry of Finance, budget revenues from January to September amounted to 36 billion euros, which is below the target level of 2.4 billion euros.