The Bank of England may support the GBP
The Bank of England will release its monetary policy summary and announce the interest rate on June 20, at 14:00 MT time.
American trade deficit narrows steeply as exports bounce off
In January, the American trade deficit went down more than anticipated because China ramped up buying of soybeans, resulting in a rebound in exports following three straight monthly dives.
On Monday, the Commerce Department informed that the trade deficit slumped by 14.6% that appears to be the greatest tumble since March last year, hitting $51.1 billion because decreasing domestic demand as well as lower crude prices tamed the import bill.
December’s data was updated a bit downwards to show the trade gap extending to $59.9 billion versus the previously posted $59.8 billion. Experts had hoped that the trade gap would shrink to $57.0 billion in January.
As for the trade deficit, it’s still elevated notwithstanding Trump's "America First" stance that has left the US mired in a bruising trade conflict with China and caused retaliatory levies from other trading partners.
In 2018, the US government slapped levies on $250 billion worth of Chinese goods, with China repelling it with tariffs on $110 billion worth of US goods, in particular, soybeans as well as other commodities.
US leader has postponed levies on $200 billion worth of China’s goods as talks to tackle the eight-month trade conflict resume, with China promising to resume bulk buying of soybeans following a series of cancellations at the height of the trade clash.
American Trade Representative Robert Lighthizer along with Treasury Secretary Steven Mnuchin came to China this week for another round of trade negotiations with their Chinese rival Vice Premier Liu He.
By the way, the politically sensitive trade deficit with China headed south by about 6.4% in January hitting $34.5 billion.
Additionally, exports of cars and parts rallied by $1.2 billion, although shipments of capital goods went down by about $0.8 billion.
Similar
Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.
5 important events this week will bring us!
This week will bring us several bank's statements and more...
Latest news
British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Evergreen buck heads north
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
Gold sinks on soaring greenback
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…
Deposit with your local payment systems
