German export data disappoints wise money markets

German exports suffered their biggest drop in over a year in November, according official figures this morning.German export data disappoints wise money marketsExports dropped 3.4%, significantly worse than the predicted 0.5% fall and a setback compared to October’s reviewed 0.2% rise in exports.

The trade balance still rose to 17.0 billion euros, as imports dropped 3.7% in November.

Against last year, exports to the EU are lower by 4.0%, while exports to the eurozone are down 5.7% yearly.

Outside of the European Union, exports have risen 5.6% from November 2011, as there is no variance in total export levels from November 2011 to November 2012.

The data reveals that beyond German taxpayers somewhat paying for bailouts of weaker eurozone countries, the debt crisis has also affected the German economy by stopping an increase in exports over the preceding year.

The ECB forecasts that the eurozone will only become stable well into 2013, which would be positive for the German economy.

Evidence of economic growth in Germany or the eurozone would also be Euro-positive.

The single European currency sits slightly higher than 1.3100 against the Greenback. Resistance might be provided by 1.3158, which has provided resistance over the past few months.

Elsewhere there is some good news for UK retail sales specifically boosted by online transactions which were up 1.5% according to the British Retail Consortium (BRC).

They explain that many retailers have invested significantly in their online systems which have boosted consumers’ confidence and overall experience.

The importance of online is becoming more important and without the 17.8% rise online sales the overall retail figure would have fallen.

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