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Better than expected US June trade balance data boosts growth hopes - ING

FXStreet (Łódź) - James Knightley from ING suggests that the narrowing of the US trade deficit to $-41.5 billion in June, in the light of market consensus for a $-44.8 billion result, increases hopes for an upward Q2 GDP revision.

Key quotes

"The shale gas and oil revolution remains a key story with petroleum imports falling to a near four year low, but there was good news even excluding this category with the ex petroleum deficit narrowing by $2.5bn."

"Exports in total rose 0.1%MoM while total imports fell 1.2%MoM, led by the drop in energy imports."

"Given the trade deficit was smaller than anticipated within the first estimate of 2Q GDP it looks likely that GDP growth may be revised up a couple of tenths of a percentage point from the 4% rate initially reported."

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