The current account of the euro area recorded a surplus of €25.4 billion in January 2016. Analysts were predicting surplus of €26.3 billion. This reflected surpluses for goods (€27.6 billion), primary income (€4.7 billion) and services (€3.6 billion), which were partly offset by a deficit in secondary income (€10.5 billion).

The 12-month cumulated current account for the period ending in January 2016 recorded a surplus of €316.1 billion, compared with one of €254.5 billion for the 12 months to January 2015. The increase in the current account surplus was largely due to an increase in the surplus for goods (from €260.7 billion to €320.2 billion) and, to a lesser extent, a decrease in the deficit for secondary income (from €139.0 billion to €131.0 billion) and an increase in the surplus for primary income (from €63.7 billion to €65.7 billion). These were partly offset by a decrease in the surplus for services (from €69.0 billion to €61.1 billion).

 

Euro is currently being traded few points above 1.1260 level. Pair is likely to find support around 1.12 handle and resistance above 1.13 level. Later today, in the US session, Existing Home Sales figures are scheduled for a release.