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After a recent raft of negative data relating to Germany has been published, combined with economic calendar readings that have missed forecasts, the German economy has finally printed metrics that beat the forecasts, perhaps alleviating concerns that the economy might fall into recession. It must be noted that German data can be impacted by seasonal factors; the factory order figures of -1.6% for December published on Wednesday, weren’t necessarily unusual, the industrial production figure of -0.3% likewise.

On Friday morning Germany’s latest import and export data was released; exports rose by 1.5% month on month in December, whilst imports rose 1.2%. Both metrics beat forecasts by some distance and ensured (year on year) the readings remained in positive territory.

The trade balance and current account surplus for Europe’s engine of growth slipped, however, it must be noted that Germany is relatively unique as one of the top seven G7 economies, in running significant surpluses, as o...

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