The Eurozone's trade surplus hit €14.9bn ($18.3bn; £11.7bn) in June up from €200m a year ago. This was the highest surplus since 1999 when the European Union’s Statistic’s agency began collecting data. The biggest surplus among the 17-member Euro area and wider 27 – member EU was recorded by Germany, the Netherlands and Ireland. The EU's trade surplus was €400m, compared with a €15.3bn deficit a year earlier.
On Friday, UK stocks rose for a second day in a row after a better than expect report from America on consumer confidence and economic indicators also rose more than expected. There was also speculation that Eurozone governments will soon agree to disburse the first tranche of a €100 billon bailout of Spain’s most debt stricken banks.
This week will see an intensive shuttle diplomacy by Europe’s leaders as they attempt to defuse the continents debt crisis and how to help Greece. With the continued crisis with the single Euro currency, Luxemburg’s Premier Jean Claude Junker is due in Athens on the 22nd of August to discuss Greece’s request for a two year extension to the country’s fiscal adjustment program.
To get a live exchange rate login to RationalFX now, or call +44 (0)20 7220 8181