US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
American trade deficit heads north to six-month maximum
In August, the American trade deficit rallied to a six-month maximum because exports slipped further in the face of slumping soybean shipments as well as imports reaching a record maximum, dropping a hint that trade could put pressure on economic rally in the third quarter.
On Friday, the Commerce Department revealed that the trade gap gained 6.4% reaching $53.2 billion, extending for a third straight month. July’s data was updated to disclose the trade deficit soaring to $50.0 billion versus the previously posted $50.1 billion.
The politically sensitive products trade deficit with China headed north by up to 4.7% hitting a record maximum of $38.6 billion.
Market experts interviewed by reporters had hoped the overall trade deficit would extend to about $53.5 billion in August.
The trade gap keeps widening notwithstanding the Trump administration's "America First" stance that has provoked a long-lasting trade clash between China and the United States.
The US government has also engaged in mutual import levies with the European bloc, Mexico, and Canada.
The current presidential administration told that eliminating the trade deficit will undoubtedly put the American economy on a sustainable path of faster surge.
When updated for inflation, in August, the trade gap extended to about $86.3 billion from July’s outcome of $82.4 billion, which appears to be the highest value since January 2006. The rally in the real trade deficit hints that in the first quarter trade could subtract nearly one percentage point from GDP.
As a matter of fact, trade contributed up to 1.2% percentage points to the American economy's 4.2 percent annualized surge temp in the second quarter, generally reflecting a front-loading of soybean exports to China before this country’s reciprocal duties came true early in July.
In August, exports of services and products slipped by 0.8% reaching $209.4 billion.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The US will reveal Non-farm payrolls today at 15:30 GMT+3. Here are the forecasts of 8 major banks regarding the upcoming NFP report. The common forecast (market consensus) is 500K. What’s yours?
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).