US trade deficit looks up
The United States has posted a decrease in first quarter trade deficit, but results are still under economist's expectations.
In the US, the first three months of the year resulted in a decreased trade deficit. The declining trade deficit took place because the hard-hitting recession depressed imports of oil and other goods. The deficit dropped to USD101.5 billion in the first quarter, which is a 34.5% decline from last fourth quarter's deficit.
The trade deficit numbers did not reach the expected target number of USD85 billion, but are positive because they are the lowest since the 2001 fourth quarter results.
The trade deficit news has left US dollar exchange rates at GBP0.614 and EUR0.720.
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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.