Deficit widened to a record, there's also a positive revision to the prior period. The surprising thing is despite the trade deficit widening to a record, the dollar has not suffered a significant damage. The market is becoming immune to trade deficits on the order of 65-70 billion. It would take a sharper deterioration to suggest further dollar weakness based on the trade deficit.
More Quotes from Brian Dolan:
Today's data is supporting the notion the Fed will go only one or two more times. We're in a period of dollar weakness at the moment.Brian Dolan
Rather than indicating any rise in inflationary pressure, the data out ... with today's prices paid are pointing to receding inflation pressures.
Brian Dolan
We've seen dollaryen slip on that China comment.
Brian Dolan
The immediate fallout is not especially damaging. However, we expect the dollar to remain under pressure and face new lows once short-term profit-taking has run its course and the macro picture takes hold among the money center players.
Brian Dolan
Every opinion has been heard and that every issue is on the table.
Brian Dolan
The market has been burned on both sides, so people want to see what the Fed has to say and unless it's a concrete statement, everything will continue to be data-dependent.
Brian Dolan
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