Eurozone Trade Data Keeps The Currency Supported

The euro continued to hold above $1.39 on Wednesday after data from the region showed that exports increased modestly from most eurozone nations. The common currency traded at $1.3919 at 7:30 GMT as investors took the region's trade data as a positive signal of recovery. On Tuesday, data showed that the eurozone's trade surplus decreased in January compared to data from last year. Reuters reported that the region had an external trade surplus of 900 million euros in January, far below economists' forecast of a 12 billion euro surplus. The figure was the result of falling imports and moderately higher exports from the majority of eurozone members. The report was positive for the region's recovery, however when member nations were evaluated individually a patchier recovery was revealed. Most of the eurozone's southern states continued to post improving export figures with Greece heading the pack with a 17.2 percent rise in exports for January. Germany posted a respectable 1.2 percent increase and Spain's exports were up 1.7 percent. France continued to be a laggard for the region with a decline of 0.6 percent. Moving forward, investors will be waiting for the US Federal Reserve to finish its monthly policy meeting later on Wednesday. Most expect the bank to continue lowering its asset purchases by $10 million per month despite recent disappointing economic data. The bank is also expected to provide new forward guidance on its policy tightening plans as several of the bank's board members have said they don't see the bank lowering its key interest rate yet even though the US unemployment rate is approaching the bank's 6.5 percent threshold.