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 -7.3B, much better than analysts’ expectations. The previously released number, for the month of November, was revised lower, to -13.9B. The report shows that the Euro-area trade account still recorded a deficit in December, as imports dropped sharply. The service trade surplus also narrowed in December, on lower demand

Forex Technical Reaction: The euro jumped 20 pips immediately after the release. Since the new trading day started, the euro has advanced 40-pips.