UK Trade deficit narrowed less than expected
The UK’s deficit on trade in goods and services was estimated to have been £3.3 billion in August 2015, a narrowing of £1.2 billion from July 2015. This narrowing of £1.2 billion is attributed to trade in goods, where the deficit has decreased from £12.2 billion in July 2015, to £11.1 billion in August 2015. Analysts were forecasting incline to £10.0 billion.
Exports of goods increased by £0.8 billion to £23.6 billion in August 2015. This is attributed to an increase in cars which increased by £0.6 billion to a record high of £2.4 billion and chemicals which increased by £0.5 billion. Imports of goods decreased by £0.3 billion to £34.7 billion over the same period.
Sterling is currently being traded few points above 1.5370 level. Pair is likely to find support around 1.5330 level and resistance above 1.54 area. There will be no major data releases in the rest of the session.
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