TRADE, EXCHANGE RATES AND BUDGETS

TRADE, EXCHANGE RATES AND BUDGETS The euro area's visible-trade surplus shrank to $38.6 billion in the 12 months to May—half the level of a year earlier. In the same 12-month period the area's current-account surplus fell to only $2.1 billion; revised figures show a deficit of $11.5 billion so far this calendar year. In trade-weighted terms the dollar and the yen both rose by 1.4%.