By CountingPips.com
The Eurozone’s current account recorded a surplus for the first time in the last six months in July according to data from the European Central Bank. The current account surplus registered at 6.6 billion euros for July following a revised deficit of 4.3 billion euros in June. June’s current account data was originally reported as a deficit of 5.3 
billion euros. The Eurozone had surpluses in goods of 11.2 billion euros and services of 2.7 billion euros while showing deficits in current transfers of 5.7 billion euros and income by 1.6 billion euros.
Today’s EU current account data follows yesterday’s positive Eurozone trade data which reached a seven-year high in July with a 12.6 billion euro surplus after a 5.4 billion euro deficit in June. An increase in exports helped push the trade data into a surplus.
Also out of the Eurozone today was a release on German producer prices. Producer prices increased by 0.2 percent in August after a decline by 1.5 percent in July. This data surpassed forecasts expecting a 0.2 percent increase for August. On an annual basis, producer prices are 6.9 percent lower than the August 2008 level following July’s decrease of 7.8 percent on an annual basis.
The only North American news release on the schedule today is wholesale price information out of Canada. Canadian wholesale prices increased for the second straight month in July with a gain of 2.8 percent to easily beat expectations of a 0.9 percent gain according to Statistics Canada. June had registered a revised 0.8 percent gain. Contributing to the rise in prices was a 14.2 percent increase in automotive products sector.
