The euro traded within a tight range against the US dollar on Monday. Traders held their positions in anticipation for the European Central Bankâs meeting on Thursday and the presidential inauguration in the US on Friday.
On a quiet day on the economic data front, traders hoped that Donald Trumpâs presidency will support the US currency, which slightly undermined the euro. Meanwhile, positive data in the European Union failed to support the shared currency.
Eurostat, the statistical office of the European Union, said on Monday that the European trade balance improved near the end of 2016. The euro area recorded a 25.9 billion euros surplus in trade in goods with the rest of the world in November 2016, which compares to 22.9 billion euros in the same month a year earlier. Analysts expected a trade surplus of 24.3 billion euros.
Exports of the euro area were at 184.2 billion euros in November, which is 6% higher than a year earlier, while imports rose by 5% to 158.3 billion euros. Between January 2016 and November 2016, Eurozoneâs exports remained unchanged from the same period in 2015, while imports decreased by 2%.
EUR/USD traded at 1.0600 as of 21:50 GMT on Monday, from a 1.0580 at 09:15 GMT, the pairâs lowest level since January 12. EUR/USD started trading today at 1.0626.
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