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America's Oil Trade Deficit Shrinks To Its Lowest Level In 10 Years

The US trade deficit unexpectedly narrowed in August as the oil deficit fell to a ten-year low.
In August, the trade deficit was $40.1 billion, down from $40.3 billion in July, and below expectations for $40.8 billion.

Exports rose to a record $198.5 billion, according to the latest Balance of Trade report from the Census Bureau.

Bloomberg's Victoria Stilwell noted that the trade deficit fell to its lowest level in seven months, while exports rose to a new record.

Petroleum exports in August rose to $6.05 billion from $5.9 billion in July, while year-to-date petroleum exports are up to $4.8 billion over last year. Stilwell noted that the petroleum deficit shrank to $13.1 billion in August, the smallest since July 2004.

In a note following the report, Ian Shepherdson at Pantheon Macro said, "In one line: Flattered by oil exports but trade will make a hefty contribution to Q3 GDP growth."

Shepherdson added that overall, net trade will add to GDP growth in Q3 and still sees Q3 GDP coming in at 3.5%.

The trade report on Friday was somewhat overshadowed by the latest jobs report, which showed that nonfarm payrolls grew by 248,000 in September as the unemployment ate fell below 6% for the first time in more than six years.

Overall though, a strong morning for the US economy as US trade looks strong and the labor market continues to recover.

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The Weekly Volume Report: Kiwi Turnover Surges

USD/JPY is in consolidation mode below key long-term trendline resistance near 109.50
A steady rise in volume has accompanied the move higher since July
The steady rise in On-Balance-Volume is supportive
Price move under 107.35 on above average volume, however, would force a re-think of the broader positve bias

laplacianlab:
I think there is some misunderstanding of concept. I assume that both symbols, of course, don't need to be synchronized! The synchronization you talk about will never occur in the current bar, I agree with you. But what is wrong with this? It is assumed that the last value of this indicator is a mere representation of the ratio.

However, Gold and Silver are synchronized once the bars of each frame are closed and known, once the bars are known. This is the reason why the graphics are plotted ok. I think this indicator is not bugged, angevoyager, you should argue your point of view I think. Thks anyway for your opinion, always welcome.

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FDI also means First Develop India and not just Foreign Direct Investment, he says

NEW DELHI, SEPT 25:
Prime Minister Narendra Modi has asked India Inc to first focus on developing the country and then look abroad.

"FDI also means First Develop India and not just Foreign Direct Investment. Both the FDIs should move on parallel tracks," the PM said, while launching the 'Make in India' campaign here on Thursday.

Modi stressed on effective and easy governance, besides employment generation. "Investors have to understand that the purchasing power of India has to go up for expanding," he said.

Kicking off the ‘Make in India’ campaign, he said his government’s focus will be on physical infrastructure creation as well as creating a digital network for making India a hub for global manufacturing of goods ranging from cars to software, satellites to submarines and paper to power.

“I do not only talk about good governance. I talk about effective governance and easy governance,” he said, while launching the ‘Make in India’ campaign that was attended by a galaxy of industrialists and business leaders, including Cyrus Mistry, Mukesh Ambani, Azim Premji, Kumar Mangalam Birla, Chanda Kocchar and Y C Deveshwar.

Calling upon domestic and international companies to invest in India, the Prime Minister said his government’s focus is not only to ‘Look East’ but also to ‘Link West’.

“We want highways. We also want i-ways — information ways for a Digital India,” Modi said, adding “Make in India is not a slogan, not an invitation’’.

Recalling the scenario of last two-three years where “companies were looking to move out of country”, he said three months of the NDA government has reversed the mood with its focus on easing the process of doing business in the country.

“Government is committed to development. This is not a political agenda, but an article of faith,” he said, while stressing on public-private partnership as well as skill development for increasing the share of manufacturing in GDP.

Modi said the world is ready to come to Asia and India offers best destination as it is a vibrant democracy with demographic dividend and huge demand.

Earlier, the Commerce and Industry Minister, Nirmala Sitaraman, assured de-licensing, de-regulation and radical changes to attract domestic and foreign investors into the country.

In an event to mark the launch of the 'Make in India' initiative, she said that the Government would focus on 25 sectors to push manufacturing, including automobiles, textiles, leather, electronics, engineering and IT.

She said that the Government aims to raise the share of manufacturing to 25 per cent of GDP from 15 per cent. Under the new initiative a dedicated team would facilitate investors 24x7. It may be noted that the Prime Minister Narendra Modi announced the new mission in his Independence Day speech this year.

The Minister said many new initiatives had been announced, including liberalisation of the FDI regime in sectors such as defence and the Railways. But this was just the beginning and many more measures would be initiated, she said, while adding that the effort would be to remove the tag of a country riddled with red-tapism.

In his remarks, the Chairman of Reliance industries, Mukesh Ambani, announced investment of Rs. 1.80 lakh crore in the next 12-15 months which, in turn, would create 1.25 lakh jobs. He also hoped that implementation of GST would help to create a single market