In July, the euro zone seasonally adjusted trade balance was unchanged from the previous month. The deficit stayed unchanged at a revised €2.5 billion (previously reported as a shortage of €1.6 billion) in July. The details are encouraging as both exports (2.0% M/M) and imports (1.9% M/M) rebounded in July, after a sharp decline in June. The increase in both imports and exports is an encouraging signs suggesting that activity picked up at the start of the second quarter, after growth came almost to standstill in the second quarter.