The U.S. trade deficit during the month of June closed more than forecast as crude oil prices fell the most in more than three years, Bloomberg reports.
The deficit dropped 11 percent to $42.9 billion, signifying the smallest shortfall since December 2010. The metric checked in at $48 billion during May, figures released by the U.S. Department of Commerce indicate.
Additional strong news about the U.S. economy released on Thursday included the U.S. Labor Department stating fewer Americans applied for jobless claims during the first week of August, suggesting that strong improvements to the labor market from July could be continuing this month.
"We do not expect that claims will move materially lower from here without a significant boost to business and consumer confidence," states a client note from money market economist Thomas Simons with Jefferies, according to MarketWatch.
Six thousand fewer Americans filed unemployment claims for week ended August 4, according to MarketWatch. That development comes on the heels of the unemployment rate rising in July to 8.3 percent. Though the rate gained last month, employment grew.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.