By CountingPips.com
The United States trade deficit edged up in April for the second consecutive month after decreasing for seven straight months according to a release by the Commerce Department today. The U.S. trade deficit increased by 2.2 percent as the deficit 
registered $29.2 billion in April following a revised deficit of $28.5 billion in March. The trade balance had reached a nine year low in February with a deficit of $26.1 billion. Today’s data surpassed market forecasts that were expecting a deficit of approximately $28.7 billion for the month.
The U.S. had a total of $121.1 billion worth of exports in April which was a decrease of $2.8 billion from March’s total. April’s exports total marked the lowest level since July of 2006. April also saw a reduction in imports as it totaled $150.3 billion worth of imports compared with $152.5 billion in March for a decrease of $2.2 billion for the month.
The U.S. trade deficit with China increased in April with a $16.8 billion shortfall after a deficit of $15.6 billion in March. Other notable deficits that also rose in April were the deficits with the European Union at $5.3 billion, Mexico at $4.1 billion, Japan at $3.2 billion and OPEC at $3.6 billion. The U.S. trade surpluses with other countries for April included Hong Kong at $1.4 billion, Australia at $0.6 billion, Singapore at $0.3 billion and Egypt at $0.2 billion.
Forex Market – US Dollar gaining in Forex Trading today.
The U.S. dollar has been stronger in forex trading so far today as the dollar has gained versus the euro, Canadian dollar, Swiss franc, Australian dollar, New Zealand dollar and Japanese yen while falling against the British pound.
The euro has declined versus the dollar today as the EUR/USD has fallen from today’s 1.4074 opening(00:00 GMT) to trading at approximately 1.4011 in the morning of the US trading session at 10:41am EST according to currency data by Oanda.
The British pound has increased today versus the American currency as the GBP/USD has gone from the 1.6321 opening to trading at 1.6369 dollars per pound.
The dollar has gained against the Japanese yen as the USD/JPY has risen from its 97.67 opening to trading at 98.04 yen per usd. The dollar has increased against the Canadian loonie dollar after opening at 1.1037 earlier today to trading at 1.1102 while the USD has also increased against the Swiss franc after the USD/CHF’s opening at 1.0783 to trading at the 1.0803 exchange rate.
The New Zealand dollar has decreased slightly against the USD as the NZD/USD has declined from 0.6295 usd per nzd to trading at 0.6279 while the Australian dollar has also declined very slightly against the greenback. The AUD/USD trades at 0.8038 after opening the day at 0.8047.
USD/CAD Chart – The US Dollar advancing against the Canadian Dollar in Forex Trading today and breaking a recent hourly downtrend to break back above the 1.1100 exchange rate.
