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U.K. Trade Balance deficit narrowed to £8.4 billion

Thursday, Mar 12 2015
Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £0.6 billion in January 2015, compared with £2.1 billion in December 2014. This reflects a deficit of £8.4 billion on goods, above expectations on £9.7 billion deficit, partially offset by an estimated surplus of £7.8 billion on services.
 
The sharp narrowing of the deficit reflects a fall of £2.5 billion in imports. Almost half of this fall (£1.2 billion) is attributed to oil imports, where trade remains volatile due to the well publicised oil price movements. The fall in oil imports is largely from countries outside the European Union (EU). In addition there were falls in all of the main commodities imported from the EU.
 
After the data Sterling was pushed higher and is currently being traded slightly below 1.50 handle. Pair is likely to find support around 1.4930 and resistance above 1.5050 area. Later today, in the US session, Retail Sales and Unemployment Claims figures are scheduled for a release.
More in this category: « Australian unemployment rate fell to 6.3% U.S. Consumer Confidence at the lowest level since October »

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