New York  London  GMT  Tokyo  Singapore 
Grace Cheng

US Trade Gap Widened to 14-Mth High

By Grace Cheng on January 11, 2008 | More Posts By Grace Cheng | Author's Website

US November trade deficit rose by 9.3% to $63.12B ($59.75B shortfall expected) from October’s revised $57.77B on record oil prices, widening to the biggest gap in 14 months. October was originally reported $57.82B. Swissy fell to a 6-week low, temporarily dipping below 1.1000 (note the 3 zeroes), while EUR/USD has been trading in a tight 70-pip range. The latter has to overcome 1.4830 before it can target 1.4900, a strong resistance level. GBP has been the broad loser against other currencies like USD and JPY.

Canada December employment fell 18.7K, weaker than the consensus estimate of a 12K rise. However, it follows several months of very strong gains. The unemployment rate remained unchanged at 5.9%, in line with expectations. This weak data could weigh on the CAD as traders think the Bank of Canada may have room to cut rates on January 22.

Posted in Categories: Forex.

If you like this article please...
Subscribe by RSS Subscribe by Email Email This Post To A Friend Email This Post To A Friend

Leave A Comment :

Name (required)
E-mail (required - never shown publicly)
URI
Subscribe to comments via email
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> in your comment.
Opinions From Our Contributors
Commodities Financials Exchange Traded Funds
Stocks Forex Economy