US Trade Deficit Comes in Slightly below $70 Billion; Inventories Rise
- US Advance Goods Trade Balance came in below projections in November at -$69.7 billion; the advanced figure was revised up to -$68.1 billion.
- US Dollar does not see much price action despite a slight deterioration in trade
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Advance International Trade
As 2017 comes to an end, the US Census Bureau announced that the international trade deficit stands at $69.7 billionin November which was slightly up from the $68.1 billion deficit in October. Exports were at $133.7 billion, $3.8 billion more than in October. Imports also rose, but by a larger margin of $5.4 billion bringing the total to $203.4 billion in November.
The Census Bureau also reported that wholesale inventories in November, adjusted for seasonal variations (not price changes), increased by 0.7% over the previous month. On a year-over-year basis inventories were up 3.8% last month. Also, October’s inventories saw a slight upward revision from -0.5% to 0.4%.
Retail inventories for November, adjusted for seasonal variations (not for price changes), increased as well, but by only 0.1%. This marks a 0.2% from October 2017 which came in at -0.1%.
For a full-detailed reports from the Census Bureau see the Advance Economic Indicator Report.
Here are the data that is having a limited impact on the US Dollar this morning:
- USD Advance Goods Trade Balance (NOV): -$69.7b versus -$67.9b expected, from $68.1b (revised higher from -$68.3b)
- USD Wholesale Inventories (NOV P): 0.7% versus 0.3% expected, from -0.4% previous.
Chart 1: DXY Index 15-minute Chart (December 28, 2017 Intraday)
Immediately following the data, the US Dollar Index nudged slightly higher. The slight bump did not last as DXY traded slightly lower (92.64) at the time that this was written.
--- Written by Dylan Jusino, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.