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UK's Trade Balance deficit at £8.0 billion

Friday, Jul 10 2015
The UK’s deficit on trade in goods and services was estimated to have been £0.4 billion in May 2015, compared with £1.8 billion in April 2015. This reflects a deficit of £8.0 billion on goods, partially offset by an estimated surplus of £7.6 billion on services. Analysts were anticipating deficit on goods od £9.6 billion. This deficit is the smallest since June 2013 and the narrowing is a result of imports decreasing by £1.4 billion to £43.4 billion, as exports were unchanged at £43.0 billion.
 
Imports of goods decreased by £1.4 billion in May 2015 to £32.6 billion, the lowest level since April 2011. Most notable decreases were evident in the imports of ships (£0.5 billion) and material manufactures (£0.4 billion). In the 3-months to May 2015, the UK’s deficit on trade in goods and services was estimated to have been £5.4 billion; narrowing by £1.4 billion from the 3-months to February 2015.
 
After the data Sterling continued its uptrend and is currently being traded few points above 1.5450 level. Pair is likely to find support around 1.54 handle and resistance above 1.55 area. There will be no major data releases in the rest of the session.
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