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Singaporean headline inflation falls in April, unlikely to return to positive territory before end of 2020
U.S. trade deficit narrows in February on strong exports, trade likely to boost Q1 GDP growth
U.S. trade deficit narrowed in the month of February, owing to a rise in aircraft exports and a subdued rise in imports. The trade deficit narrowed to USD 49.4 billion from January’s deficit of USD 51.1 billion. Exports grew strongly by 1.1 percent, with a significant rebound in civilian aircraft after a depressed January. However, this export category is expected to soften in months ahead, noted Wells Fargo in a research report. Decreased production and a halt in Boeings’ 737 MAX deliveries is expected to be a drag on the second quarter export growth.
Meanwhile, imports rose at a more modest rate in the month, growing 0.2 percent. While on an inflation-adjusted basis, goods imports dropped. This is due in part to the prolonged fall in real petroleum imports, which are down nearly USD 5 billion from only seven months ago.
“Our current forecast looks for Q1 GDP to grow at an annualized pace of 1.8%. This report suggests upside risk to that estimate stemming from trade”, added Wells Fargo.
At 14:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 23.4066 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex