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[marketmaven]

Current Account Gap Hits Record- Nothing to see here
Friday June 18, 9:05 am ET By Doug Palmer
WASHINGTON (Reuters) - The U.S. current account deficit widened more than expected in the first three months of 2004 to a new record, pushed by the growing gap between imports and exports, government data showed on Friday. The larger-than-expected gap renewed downward pressure on the dollar in early trading against the euro, and boosted gold prices as investors turned to the metal as a safe haven. The gap in the current account balance, the broadest measure of the nation's trade with the rest of the world, increased to $144.9 billion in the first quarter from a revised $127.0 billion in the last three months of 2003, the Commerce Department said. "It is a very large number, another record ... most of the deepening in this did come from the deterioration of the goods and services balance," said Jason Bonanca, foreign exchange analyst with Credit Suisse First Boston in New York.