Negative macroeconomic statistics from the United States | 09 Agosto 2023

09 Agosto 2023, EUR/USD

Negative macroeconomic statistics from the United States

EURUSD trading plan:

The U.S. trade deficit narrowed sharply in June as businesses cut back on purchases of foreign-made capital goods, resulting in imports falling to the lowest level in more than 1-1/2 years. The trade deficit contracted 4.1% to $65.5 billion. Data for May was revised to show the trade gap narrowing to $68.3 billion instead of $69.0 billion as previously reported. The decline in imports reported by the Commerce Department potentially signals a slowdown in business investment and overall domestic demand amid hefty interest rate hikes from the Federal Reserve. Imports are falling as businesses carefully manage inventory in anticipation of softer demand. That was underscored by other data showing a bigger decline in wholesale inventories in June than initially estimated.

Investment idea: sell 1.1003 and take profit 1.0944.


The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
David Johnson
Analyst of «FreshForex» company
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