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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.
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?
The United States will release the weekly Unemployment Claims on Thursday, at 15:30 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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