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On Tuesday, the US Bureau of Fiscal Service announced that the Federal Budget Deficit, which registered at $192.6 billion in February, was at $108 billion in March, a little higher than the estimated level of $106.5 billion.
In addition, the price for Total US Imports for March marked the first increase in nearly a year, advancing 0.3% compared with the preceding month. Fuel imports rose 4.9% last month, trimming the continuing losses since June 2015. Meanwhile, the export prices in March recorded no change after falling 0.5% in February. In response to this report, the dollar index DXY today is edging up to 94.60. The market is awaiting retail sales and PPI data with optimistic expectations.
Today, China reported its overseas shipments in March rose by 11.5% in dollar terms, the fastest pace in a year. Besides, imports continued to decline for the 17th straight month, dropping 7.6% last month. The report further indicated that the second economy’s trade surplus slid to $29.9 billion, the least in a year. The reports points to evidence of stabilization in China’s economy.
Data on US crude oil inventories for the week ending April 08 is scheduled to release today, with an estimate of an increase of 0.9 million barrels in the inventories, after a drop of 4.9 million barrels the week before.
Fig. WTI H4 Technical Chart
WTI Crude is in overbought territory, following the strong uptrend for a period of time. However, the price is pulling back after testing the resistance of 43.35, the highest level since November 2015. ADX (14) pointed down, indicating that the upward pressure is weakening. The commodity is expected to fall further, as the Parabolic SAR band is about to meet the price and proceed to hanging over the price chart, leading WTI towards a fall from here.
Buy Digital Put Option at 41.328, Buy Digital Call Option at 42.215.