The US advance indicators report revealed a huge April pullback in the goods trade deficit from an all-time wide in March that shattered the prior record in January. We saw a big import drop after an outsized March surge and a big gain for exports, alongside an upside wholesale inventory surprise that more than offset a auto-restrained retail inventory gain. The trade figures faced an energy price pull-back in April after a massive March lift with the war in Ukraine.
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Head Market Analyst
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