NEW YORK -- The dollar sagged against the German mark yesterday as investors shrugged off the smaller-than-expected June U.S. trade deficit and sold the U.S. currency anyway.
The U.S. trade gap narrowed 7.7 percent, to $6.59 billion, in June. The average forecast by economists in a Bloomberg Business News survey was for a $7.2 billion deficit in June.
"Basically, today was just a continuation of the rolling bullishness for the Deutschemark," said Joe Cambria, a trader at Banque Paribas. "The dollar still seems to be under pressure against the European currencies."