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Late Breaking News

Dollar drops on record U.S. trade imbalance

Fri Aug 13, 2004

By Alan Field
The JOURNAL of COMMERCE ONLINE

The United States' trade deficit widened to a record in June, sparking a drop in the dollar versus the euro. Imports of goods and services exceeded exports by $55.8 billion, according to the Department of Commerce. The previous record deficit was $48.1 billion recorded in April.

The dollar fell to $1.2322 per euro at 8:49 a.m. Friday in New York from $1.2251 late Thursday, according to EBS, an electronic currency-dealing system. The U.S. currency was at 110.84 yen, from 110.90 late yesterday. Before the figures, it rose as high as $1.2177 per euro and 112.10 yen.

The government also said U.S. producer prices rose 0.1 percent in July, after a 0.3 percent decline the prior month.