US Trade Deficit Widened by $0.1 Billion to $42.00 Billion, USDCAD to New Yearly Lows - 11.9.2012
The US Trade Deficit was $42.00 billion in July, up from a revised deficit of $41.90 billion in June according to the US Department of Commerce. Economists were expecting the US Trade Deficit to widen to $44.20 billion, however the US trade deficit surprisingly widened less as the exports decreased in July by $1.9 billion while imports reduced by $1.8 billion in July.
At the same time, the Canadian Trade deficit expanded from 1.9 billion in June to 2.3 billion Canadian dollars in July as exports drop 3.4% and imports declined 2.2% according to the Statistics of Canada. The US dollar against the Canadian dollar continued trending downwards today as well and during the news dropped to fresh lows at 0.9716 support which is a more than a year low, it was lastly seen at 0.9724.