Monthly U.S. figures showed the trade deficit narrowed in January to $51.1B, while December data was revised up by $0.1B to -$59.8B. Imports of both goods and services declined, while overall exports increased. The gap between the U.S. and China narrowed month over month, but the longer term trend remains negative. The data come as top U.S. trade officials gear up for another trip to Beijing on Thursday, with President Trump telling Republican lawmakers recently that he will not accept anything less than "an excellent deal." I don't expect market-moving progress this week, though I remain optimistic on a resolution coming in the relatively near future.