Analysts at Nomura point out that the US May advance goods trade balance surprised to the upside, showing a narrower goods trade deficit than expected.
Key Quotes
“Goods exports increased strongly, driven by a pickup in exports of foods, feeds and beverage products. With expectations of trend-like readings on service imports and exports, we expect the May trade balance to register a $42.7bn deficit, roughly $3.5bn narrower than in April.”
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