Advance Indicators: Wholesale and retail inventories up, trade deficit up

Mike “Mish” Shedlock's Sitka Pacific Capital Management,Llc

The trade deficit in goods increased slightly as retail and wholesale inventories rose.

Advance Indicators

The U.S. Census Bureau announced the following international trade, wholesale inventories, and retail inventories advance statistics for October 2020:

Advance International Trade in Goods: The international trade deficit was $80.3 billion in October, up $0.9 billion from $79.4 billion in September. Exports of goods for October were $126.0 billion, $3.4 billion more than September exports. Imports of goods for October were $206.3 billion, $4.4 billion more than September imports.
Advance Wholesale Inventories:Wholesale inventories for October, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $646.2 billion, up 0.9 percent from September 2020, and were down 2.7 percent from October 2019. The August 2020 to September 2020 percentage change was revised from up 0.4 percent to up 0.7 percent.
Advance Retail Inventories: Retail inventories for October, adjusted for seasonal variations but not for price changes, were estimated at an end of-month level of $612.2 billion, up 0.8 percent from September 2020, and were down 8.5 percent from October 2019. The August 2020 to September 2020 percentage change was unrevised from the preliminary estimate of up 1.7 percent.

Point #1, a deficit of $80.3 billion is the trade deficit in goods only.

The trade actual deficit will be lower as the US maintains a surplus in services.

Fred, the St. Louis data repository, added data downloads for these series today but they are populated with only one data point so I am unable to produce better charts.

Author

Mike “Mish” Shedlock's

Sitka Pacific Capital Management,Llc

EUR/USD: Bears retain control below 1.1780-1.1770 confluence breakpoint

The EUR/USD pair remains on the back foot through the Asian session on Friday and currently trades just above mid-1.1700s, well within striking distance of a nearly one-month low set the previous day.

GBP/USD seems vulnerable near one-month low as traders await US data

The GBP/USD pair prolongs its weekly downtrend for the fifth consecutive day on Friday and slides back closer to a nearly one-month low, touched the previous day. Spot prices trade below mid-1.3400s during the Asian session on Friday and seem vulnerable to slide further as traders now look to important US macro data for a fresh impetus.

Gold eyes next breakout on US GDP, PCE inflation data

Gold sticks to recent gains around the $5,000-mark early Friday, biding time before the high-impact US macro events. The focus is now on the US fourth-quarter Gross Domestic Product, core Personal Consumption Expenditures Price Index and the Supreme Court’s ruling on President Donald Trump’s tariffs.

Bitcoin, Ethereum and Ripple remain range-bound as breakdown risks rise

Bitcoin, Ethereum, and Ripple are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary, while XRP is holding at its lower trendline boundary.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.