By CountingPips.com
The United States trade deficit widened by more than expected in February, according to a release by the Commerce Department today. The U.S. trade deficit increased by 7.4 percent or $2.7 billion as the deficit leveled at $39.7 billion in February following a revised deficit of $37.0 billion in January.
The data surpassed market forecasts that were expecting a deficit of approximately $39.0 billion for the month.
The U.S. had a total of $143.2 billion worth of exports in February which was an increase of $0.3 billion from January’s total. February also saw an increase in imports with a total of $182.9 billion worth of imports compared with $179.8 billion in January for a increase of $3.0 billion for the month.
The U.S. trade deficit with China decreased in February with a $16.5 billion shortfall after a deficit of $18.3 billion in January. Other notable U.S. trade deficits in February were the deficits with the European Union at $5.3 billion, Mexico at $4.8 billion, Japan at $4.3 billion and OPEC at $6.4 billion.
The U.S. trade surpluses with other countries for February included Hong Kong at $1.6 billion, Australia at $1.0 billion and Belgium at $0.7 billion.
Forex: US Dollar mixed in trading today. Stocks lower.
The U.S. dollar has been mixed in the forex markets while the American stock markets have traded lower today. The dollar has advanced versus the euro, Canadian dollar, New Zealand dollar and Australian dollar while declining against the Japanese yen and falling slightly to the Swiss franc in forex trading before noon in the US trading session.
The dollar is trading almost unchanged against the British pound sterling as the GBP/USD hovers around the day’s opening rate of 1.5368.
The U.S. stock markets are having a negative session so far today with the Dow falling around 30 points, the Nasdaq decreasing by over 5 points while the S&P 500 is down by over 4 points at time of writing. Oil has traded lower to $82.80 per barrel while gold has fallen by $14.10 to trade at the $1,147.50 per ounce level.
USD/JPY Daily Chart – The US Dollar falling against the Japanese Yen in Forex Trading today. The USD/JPY pair has trended lower the past week after touching its highest point in trading since late August 2009 at the 94.70 exchange rate. The pair is currently trading near the 23.6 fibonacci retracement level on the move from 88.13 on March 4th to the recent high at 94.70 on April 2nd.