The U.S. trade deficit in June narrowed to $41.5 billion.

Expectations were for the trade deficit to widen some to $44.8 billion.

The deficit for May was revised to $44.7 billion from $44.4 billion.

From the BEA:

"In June, the goods deficit decreased $3.0 billion from May to $60.3 billion, and the services surplus increased $0.1 billion from May to $18.7 billion. Exports of goods increased $0.1 billion to $136.9 billion, and imports of goods decreased $2.9 billion to $197.2 billion. Exports of services increased $0.1 billion to $59.0 billion, and imports of services were virtually unchanged at $40.2 billion."

Following this report, Captial Economics wrote that this decline points to Q2 GDP being revised higher, likely to about 4.2% from the initial 4% print.

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