MBS MID-DAY: On The Ropes Despite Lack Of Fundamental Motivation

– July Trade Deficit $42 bln vs $44 bln consensus
– Exports -1.0 pct, imports down -0.8 pct
– Trade gap with China to record high $29.38 bln
– July Oil import prices lowest since March 2011

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that total July exports of $183.3 billion and imports of $225.3 billion
resulted in a goods and services deficit of $42.0 billion, up from $41.9 billion in June, revised.
July exports were $1.9 billion less than June exports of $185.2 billion. July imports were $1.8
billion less than June imports of $227.1 billion.

In July, the goods deficit decreased $0.2 billion from June to $57.3 billion, and the services
surplus decreased $0.3 billion from June to $15.3 billion. Exports of goods decreased $1.9
billion to $130.8 billion, and imports of goods decreased $2.1 billion to $188.1 billion. Exports
of services were virtually unchanged at $52.5 billion, and imports of services increased $0.3
billion to $37.2 billion.

The goods and services deficit decreased $3.6 billion from July 2011 to July 2012. Exports were
up $4.9 billion, or 2.8 percent, and imports were up $1.4 billion, or 0.6 percent.

Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/274173.aspx

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