US December trade balance data now out 6 Feb
- USD 50.4bln prev revised up from $50.5bln
- exports +1.8% vs 2.3% prev
- imports 2.5% as prev
- 2017 trade deficit $566.03 bln, highest since 2008
- 2017 US-China deficit at a record $375.23bln
- 2017 US trade deficit 2.9% of GDP vs 2.7% in 2016
More proof, if any needed, that a weaker US$ really is of no interest/benefit to the net-importing USA.
Given Trump's trumpeting and global trade concerns generally this data takes on more of an importance than in recent years. Back in the day ( my interbank market making day that is, in the 80s/90s) it was a must-see report.
We'd all head out to the pub at 11.30 for some liquid refreshment and return to our desks at 13.25 ready to fire off the first prices and have a frantic half hour. Happy days!
Meanwhile back to the present and USD demand still prevailing by and large even if this data made little impact.
Full report from US BEA here
