Dollar Weighed Down by Record Trade Deficits

[NNN0LHI]

http://ap.tbo.com/ap/breaking/MGAIDZYW5UD.html

NEW YORK (Dow Jones/AP) - The dollar weakened against most of its major counterparts Wednesday in New York following economic data showing America's trade deficit had reached an unprecedented level.

The trade gap widened to about $46 billion in March, compared with $42.1 billion the month before, far outstripping expectations for a more modest expansion to $42.8 billion.

The report underlined the difficulty facing the United States in attracting enough foreign investment to finance its huge current account deficit, which has been a big factor in the dollar's prolonged decline over the past few years.

The dollar fell sharply on the news, but stabilized in afternoon trade.

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[denverbill]

1. Not to mention record setting budget deficits.

Which are getting bigger by another $170 billion thanks to GOP-largesse to their corporate welfare clients.