Germany exports dropped -9.4% yoy to EUR 96.1B in June. Imports dropped -10.0% yoy to EUR 80.5B. Trade surplus came in at EUR 15.6B. In calendar and seasonally adjusted terms, trade surplus widened to EUR 14.5B, up from EUR 7.6B, above expectation of EUR 10.3B. Industrial production rose 8.9% mom in June, above expectation of 8.8% mom.

France trade deficit widened slightly to EUR -8.0B in June, up fro EUR -7.1B. Industrial output rose 12.7% mom, above expectation of 10.0% mom. Italy trade surplus widened slightly to EUR 6.23B, up from EUR 5.58B.

EUR/CAD recovers mildly following the releases but there is no follow through buying yet. The pair failed to break through 1.5991 resistance and retreated, as Canadian Dollar rebounded following oil price rally. Though, with 1.5654 support intact, further rise is expected in the cross. Break of 1.5991 is expected eventually.

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