Treasury - Daily Forex for day 20.07.2004

...$48.10 billion in April. The analysts had predicted the gap to shrink slightly to $48.30 billion from initially reported $48.33 billion. However, the improvement in U.S. foreign trade figures should not have a lasting positive impact on dollar sentiment as today's U.S. retail sales data is expected to show a drop. The market forecasts a 0.6% decline in June's sales. Earlier on Tuesday, the Bank of Japan maintained its zero interest rate policy despite signs of rebounding Japanese economy.

The crown climbed as high as 31.37 to the euro after robust industrial production data, but later it slipped back to close Tuesday's trade unchanged against the single currency. May current account deficit came in higher-than-expected, at 8.4 billion crowns, contributing to the crown's retreat.