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Euro area trade surplus narrows as exports plunge

Euro area trade surplus narrows as exports plunge

Euro area trade surplus narrowed to 17.9 billion euro in June from a revised of 19.6 billion euros surplus in May, compared to forecasts of 18.7 billion-euro surplus.

Details showed that exports dipped by 1.2 percent on the month while imports plummeted by 0.8 percent, reflecting the weakness in trade conditions amidst the U.S.-China trade war and global slowdown.

The 19-nation region grew 0.2 percent in the April-June quarter, slowing from 0.4 percent in the first three months this year, as the German economy shrank 0.1 percent.

As of 09:54 GMT, the euro continued to trade lower for a fourth straight session at $1.1084, the lowest level in two weeks.

Now, the euro is set for a weekly decline as a better than forecast U.S. retail sales eased recession fears and pushed the dollar index up to a high of 98.15.

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