U.S. Trade Deficit Falls to $40.4 BLN

The United States Commerce Department reported today that the U.S. Trade deficit fell to $40.4 bln in November, the lowest level in five years, from $57 bln in October. The report showed a record fall in the amount of imports from China and a remarkable fall in the demand for oil.

The U.S. dollar extended gains against the euro after the government report was announced. However, the trade report for November is backward looking reflecting information that has been already discounted by the market. Moreover, one of the reasons why the trade deficit shrink so much was the rapid rise of the U.S. dollar during the month of October and November.

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