US Trade deficit decreases 28.7% in November. Dollar advances in Currency Trading. | CountingPips Forex Blog

January 13, 2009 - Forex Economic News

US Trade deficit decreases 28.7% in November. Dollar advances in Currency Trading.

The United States trade deficit decreased much more than expected in November according to a release by the Commerce Department today. The U.S. trade deficit declined by 28.7 percent as the deficit registered $40.4 billion in November following a revised deficit of $56.7 billion in October. Market forecasts were expecting a deficit of approximately $52.0 billion for USD gains in Currency Trading the month. November's deficit marked the lowest level for the U.S. trade deficit in five years and the largest monthly decline in over twelve years.

The U.S. had a total of $142.8 billion worth of exports in November which was a decrease of $8.7 billion over October's total. November also saw a reduction in imports with a total of $183.2 billion worth of imports compared with $208.2 billion in October for a decrease of $25.0 billion. Contributing to the lower trade deficit in November was a decrease of imports of crude oil which totaled $17.45 billion for the month following a total of $29.83 billion in October.

The U.S. trade deficit with China also tumbled in November. The U.S. deficit with China declined by 17.5 percent to $23.1 billion in November following a deficit of $28.0 billion in the month of October. Other notable U.S. trade deficits were with the European Union at a $5.6 billion, Japan at $5.0 billion, Mexico at $3.5 billion and OPEC at $5.6 billion. U.S. trade surpluses with other countries for November included Australia at $1.0 billion, Hong Kong at $1.0 billion, singapore at $0.7 billion and Egypt at $0.1 billion.

US Dollar gaining in Currency Trading today.

The dollar has made gains in currency trading today as the U.S. currency has gained against the pound, euro, loonie, aussie, kiwi, Swiss franc and the yen.

The euro has been weaker versus the dollar today as the EUR/USD has declined from its 1.3330 opening(00:00 GMT) to trading at 1.3207 in the afternoon of the U.S. trading session at 12:52pm EST. The British pound is falling today as the GBP/USD has declined from its 1.4775 opening exchange rate to trading at 1.4539 usd per gbp.

The dollar has gained slightly versus the Japanese yen and trading at 89.54 after opening the day at 89.28. The dollar has advanced today versus the Canadian loonie as the USD/CAD trades at the exchange rate of 1.2258 from its 1.2187 opening.

The dollar has edged up against the Swiss franc as the USD/CHF trades at 1.1187 after opening at 1.1171 today for a small gain of 16 pips. The dollar has also been stronger against the Australian dollar and versus the New Zealand dollar. The AUD/USD trades at 0.6678 after a 0.6776 opening while the NZD/USD trades at 0.5544 today after opening at the exchange rate of 0.5625.

USD/CAD Chart - The US Dollar gaining today against the Canadian Loonie and extending above the USD/CAD 21 day moving average. (Daily Chart).

Today's Forex Chart

tags: us trade balance, deficit, currency trading, usd

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