Earlier in the day, traders paid attention to US trade balance figures. After reaching its smallest deficit since September 2016 in February, the US trade balance tumbled in March. The overall gap in goods and services trade widened to 44.4 billion #USD from a revised 39.8 billion USD in February.
The surge in the deficit was driven by a plunge in US exports of goods and services. Exports dropped from the prior month by a record 9.6% to 187.7 billion USD, while imports fell 6.2% to 232.2 billion USD.
Moreover, optimism was seen in the financial markets as oil surged again and headed for its longest winning streak in nine months amid signs that demand is rebounding and the peak of the production glut is behind us. The WTI benchmark was trading at 25 USD today, some 8% higher on the day. The EU Brent oil was testing the 30 USD to the upside.
In the FX land, the greenback strengthened against the euro and the pound, while the USDJPY pair remained weaker on the day, still trading below some important resistance of 107.00.