Dollar Advances After Report Shows U.S. Trade Deficit Narrowed
Published:
14 July 2004 y., Wednesday
The dollar had its biggest gain against the euro in two weeks after the U.S. trade deficit narrowed for the first time in six months, helped by exports that surged to a record.
Increased demand for the dollar helped the currency rebound from a four-month low against the euro and sent it higher against the other 15 most-traded currencies tracked by Bloomberg, including the Japanese yen, as well as the Canadian and Australian dollars.
``Expectations were that the deficit could have reached $50 billion -- it's a relief that it didn't,'' said Robert Lynch, a currency strategist in New York at BNP Paribas SA, France's second-largest bank by assets. ``The dollar could recoup some of its losses, especially given how far it has fallen since June.'' The dollar may rise to $1.2250 in the next few days, he said.
Against the euro, the dollar strengthened to $1.2323 per euro from $1.2409 late yesterday, according to EBS, an electronic currency dealing system. It was the biggest gain since June 29. The dollar also rose to 108.96 yen from 108.25 late yesterday.
The $46 billion gap in goods and services trade followed a record deficit of $48.1 billion in April, the Commerce Department said in Washington. The 4.5 percent reduction in the deficit in May was the largest since October 2002.
Šaltinis:
Bloomberg
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Wincor Nixdorf AG closed the first six months of fiscal year 2008/2009 with a 4 percent increase in net sales and a 2 percent increase in operating profit (EBITA).
more »
Raiffeisen Bank Polska SA, a subsidiary of Raiffeisen International, a leading financial corporation in Central and Eastern Europe, has deployed "VIP Mobile," a next-generation mobile banking solution.
more »
Commission calls for help with reforming EU fishing.
more »
IFC, a member of the World Bank Group, and SEB Bank today launched an innovative transaction that will support lending of around €50 million to help small and medium enterprises in Lithuania switch to renewable sources of energy.
more »
Is your money well spent at EU level? Every year, in April, the EP concludes its examination of EU spending for the financial year closed 16 months previously.
more »
The right to compensation for poor service, the right to change gas and electricity suppliers and comparable prices are just three aspects of the proposed “third energy package” being debated today by MEPs.
more »
As access to ATMs became free from April 1, many banks are expected to consider consolidating their teller operations instead of aggressively expanding ATM network.
more »
Crisis or no crisis, secure identity cards will still be needed to cross borders…
more »
A fund-raising initiative has been launched among 170,000 employees in all 22 countries where the Group operates
more »
This year AB Bank SNORAS also joined the promotional event "Praise excellent service!" which is held in March every year.
more »