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The physical trade account balance for the world's largest economy reported a larger than expected shortfall over the month of November. A $63.1 billion deficit was the worst reading since September of 2006. The broadening of this unfavorable gap was somewhat unexpected as weakening consumer demand in the US is working with the weakening US dollar to close the gap by boosting demand for cheaper US goods on the global marketplace and reduce the demand for imported goods. However, the breakdown of the Commerce Department's survey revealed, influences were dampened by other factors. Exports over the month grew 0.4 percent over the month to $100.95 billion though imports surged 3.0 percent to $173.66 billion. Looking deeper into the data, services and auto exports were the only notable improvements with a 1.3 percent and 4.5 percent improvement respectively. On the other hand, consumer goods dropped 0.9 percent and capital goods fell 2.3 percent. The jump in imported goods measured 3.5 perecnt while services were more tame with a 0.4 percent pickup. While many import groups reported increases, the most prominent jump was a 17.3 percent surge in crude shipments to $3.72 billion - due mostly to the unprecedented rise in prices.

In the moments after the release, the dollar saw considerable volatility against the euro but ultimately passed through the activity unchanged.
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