Dollar buoyed by better-than-expected US trade news


Category: Market News

dollarThe dollar pushed higher after better-than-expected US trade data for June.

The Commerce Department said the US trade deficit narrowed a touch to 64.8 bln usd in June, compared with a revised 65.0 bln in May. Wall Street analysts had predicted a June deficit of 64.5 bln, up from the original 63.8 bln estimate for May.

The improvement came about because exports rose 2.0 pct in June to 120.7 bln usd, while imports increased by only 1.2 pct to 185.5 bln.

Analysts said the June data augurs well and may well stoke expectations that second quarter US GDP growth will be revised higher. Annualised GDP growth slowed to 2.5 pct from the heady 5.6 pct recorded in the first quarter, according to the initial reading.

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