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UK Current Account deficit narrowed less than expected

Tuesday, Jun 30 2015
The United Kingdom’s current account deficit was £26.5 billion in Quarter 1 , down from a revised deficit of £28.9 billion in Quarter 4 2014, but below expected decrease to £23.9 billion. The deficit in Quarter 1 2015 equated to 5.8% of gross domestic product (GDP) at current market prices, down from 6.4% in Quarter 4 2014. The narrowing of the current account deficit was due to a narrowing in the deficit on the secondary income account and the primary income account, partially offset by a widening in the deficit on the trade account.
 
Separate report on Final GDP showed that it increased by 0.4% in Quarter 1 2015, in line with market expectations, revised up by 0.1 percentage points from the previous estimate of GDP, published 28 May 2015. When comparing Quarter 1 2014 with Quarter 1 2015, GDP increased by 2.9%; this figure was revised up by 0.5 percentage points from the previously published 2.4%. Annually, GDP grew by 3.0%, the highest rate of growth since 2003 when GDP increased by 4.3%, but was last equalled in 2006.
 
After the data Sterling was pushed higher and is currently being traded few points above 1.5730 level. Pair is likely to find support around 1.5660 area and resistance near 1.5780 level. Later today, in the US session, Chicago PMI and CB Consumer Confidence figures are scheduled for a release.

 

More in this category: « German Retail Sales up by 0.5% Eurozone CPI down in June, but remains above deflation territory »

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