Canada: Trade balance in surplus for the first time since Dec. 2016 at $526 million

Eren Sengezer FXStreet

"In August, Canada's merchandise trade balance with the world was in a surplus position for the first time since December 2016. The $526 million surplus followed a $189 million deficit in July," Statistics Canada announced today.

Key takeaways from the press release

Both imports and exports declined in August. Imports fell 2.5%, mainly on lower imports from non-US countries, while exports were down 1.1%, mostly on decreased exports of passenger cars and light trucks.
Imports from countries other than the United States fell 4.5% to $17.6 billion in August.
In real (or volume) terms, imports declined 1.5% and exports fell 0.7%.
Aluminum exports subject to a 10% customs tariff fell 13.2% in August.
Imports of steel products from the United States subject to a 25% tariff fell 12.8% in August.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD regains 1.1800 and beyond on USD U-turn

The sudden bout of selling pressure on the US Dollar allows EUR/USD to leave behind the initial weakness and advance to two-day highs just above 1.1800 the figure on Friday. The pair’s jump comes as investors continue to assess the US Supreme Court ruling on Trump’s global tariffs.

GBP/USD pops above 1.3500 on weaker Dollar

GBP/USD picks up extra upside traction and reclaims the area above the 1.3500 hurdle at the end of the week. That said, Cable sets aside four daily pullbacks in a row, regaining some composure in response to the sudden bout of downside pressure hurting the Greenback.

Gold pops to multi-day highs, focus on $5,100/oz

Gold is extending its run higher for a third straight session on Friday, climbing to fresh multi day tops north of the key $5,000 mark per troy ounce. The move reflects ongoing geopolitical tensions in the Middle East, marginal gains in the Greenback and mixed US Treasury yields.