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US Trade deficit balloons in March and here is why- EUR/USD mostly unchanged
The US March trade balance was forecast to show a deficit of $145 billion. It has just now been released and it was much worse than that, at $162 billion. The reaction in the dollar is not of much consequence yet though and here is why. It is pretty obvious that a whole host of firms stockpiled imports ahead of the Trump trade tariff deadline. That does really account for this significant increase in deficit. If that was not the reason, then the dollar will surely wake up to that in due course. Ahead of this data the EUR/USD did drop back to a session low at 1.1370. It was already above 1.1385 leading into this data. It is right now at 1.1387
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