America's biggest trade deficit in years caused the dollar to surrender a gain as it boded poorly for the next revision of U.S. first quarter growth. America ran a $51.4 billion trade gap in Mar, the biggest since October 2008. Forecasts called for the deficit to widen to $41.2 billion from a revised $35.9 billion gap in Feb.
America's weaker trade position opened the door for first quarter growth to get revised below zero, which would signal contraction. Though disappointing, the data was the less meaningful rear view mirror type and the economy has since shown tentative signs of emerging from its poor start to the year.
