Official Data Indicates Rise in Japan’s Trade Balance for the Preceding Month

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Official Data Indicates Rise in Japan’s Trade Balance for the Preceding Month
Official Data Indicates Rise in Japan’s Trade Balance for the Preceding Month

According to official data on Wednesday, Japan’s trade balance showed an increase in the previous month. With analysts expecting the trade balance to advance to -0.92T in the previous month, reports presented by the Ministry of Finance stated that the country’s trade balance had increased to a value of -0.92T, from -1.09T, seen in the previous month.

Reports announced on Wednesday indicated that household confidence in Japan had recorded an increase in the last month, which was lower than expected. The data from the report presented by the Cabinet Office showed that Japanese Household Confidence had increased to an annual rate of 44.8, from a value of 44.3 in the previous month. However, analysts had estimated Japanese Household Confidence to increase 46.7 last month.

Industry data available on Wednesday showed that economic sentiment in Switzerland had increased higher than anticipated, reaching the highest position observed since May 2010. The Centre for European Economic Research (ZEW) stated in the report that indicator of economic sentiment had advanced by 17.7 points to a value of 20.0 in April from 2.3, which was the reading in March. Analysts had estimated the index to progress by 2.7 points to 5.0 in April. The indicator signifies the outlook of the surveyed financial market experts concerning the economic development in Switzerland on a six-month time perspective. While a reading higher than 0.0 on the indicator denotes optimism, a score lower than 0.0 shows pessimism. Subsequent to the availability of the details, the Swiss franc maintained on to gains compared to the U.S. dollar, with USD/CHF losing 0.1% to trade at 0.9217.

An unexpected fall in the U.S. crude oil inventories was indicated by official data available on Wednesday. Energy Information Administration elaborated in the report that U.S. Crude Oil Inventories had declined to an annual rate of -1.233M, from 0.250M in the previous month. Analysts had estimated U.S. Crude Oil Inventories to increase 1.350M last month.

Declining trends were also observed in the U.S. gasoline inventories in the previous quarter, however, the fall was lower than expected. In the report, US Energy Information Administration stated that U.S. Gasoline Inventories had slid to an annual rate of -0.633M, from 1.699M in the earlier quarter. Analysts had anticipated U.S. Gasoline Inventories to slide -0.800M in the previous quarter.