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US Trade Deficit Reaches $89.7 Billion - Highest on Record

US Trade Deficit Reaches $89.7 Billion - Highest on Record

Richard Snow, Analyst

Balance of Trade (JAN) = $-89.7B

Exports (JAN) = $224.4B

Imports (JAN) = $314.1B

US Trade Deficit Reaches $89.7 Billion - Highest on Record

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The US now has the largest trade deficit on record as imports for January rose $3.8 billion more than in December; while exports for the same period declined by $3.9 billion month on month.

US Trade Deficit (Feb 2004 Until Present)

US Trade Deficit Reaches $89.7 Billion - Highest on Record

Source: Refinitiv, prepared by Richard Snow

There has been a move lower in the US Dollar Basket (DXY) however it is almost impossible to attribute the latest move to the data print as the dollar has remained extremely supported due to its safe-haven characteristics amid the current geopolitical uncertainty. In addition news of President Joe Biden moments away from announcing further sanctions against Russia, this time banning Russian oil shipments into the US. He is due to speak at 10:45 EST.

DXY 5 Minute Chart

US Trade Deficit Reaches $89.7 Billion - Highest on Record

Source: IG, prepared by Richard Snow

--- Written by Richard Snow for DailyFX.com

Contact and follow Richard on Twitter: @RichardSnowFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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