US: Current account deficit narrows to $104.2 billion in Q1

• The US' current account deficit narrowed less than expected in Q1.
• US Dollar Index pushes lower after the data. 

The US' current account deficit narrowed by $0.1 billion, or 0.1%, to $104.2 billion in the first quarter of 2020, the data published by the US Bureau of Economic Analysis (BEA) revealed on Friday. This reading came in slightly worse than the market expectation for a deficit of $104 billion.

"The first-quarter deficit was 1.9% of current dollar gross domestic product, up less than 0.1 percentage point from the fourth quarter," the BEA noted in its publication.

Market reaction

The US Dollar Index edged lower after this data and was last seen losing 0.25% on the day at 97.20.