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UK Trade Balance deficit narrowed to £10.6 billion

Friday, Jan 08 2016
The UK’s deficit on trade in goods and services was estimated to have been £3.2 billion in November 2015, a narrowing of £0.3 billion from October 2015. The narrowing is attributed to trade in goods where the deficit has narrowed from £11.2 billion in October 2015, to £10.6 billion in November 2015. This was in line with market forecasts. Between October 2015 and November 2015, the trade in goods narrowing was mainly the result of a fall in the import of goods of £0.9 billion to £33.9 billion. The narrowing is mainly attributed to a fall in imports of oil which decreased by £0.5 billion to £2.2 billion. 
 In November 2015, the balance of trade in oil was in deficit by £0.6 billion, a narrowing of £0.5 billion from October 2015. Oil exports were virtually unchanged; increasing by less than £0.1 billion to £1.6 billion between October and November, whilst imports decreased by £0.5 billion to £2.2 billion over the same period. The fall in imports resulted in the UK’s global oil deficit almost halving between October 2015 and November 2015. 
 
Sterling is currently being traded around 1.4620 handle. Pair is likely to find support around 1.4550 handle and resistance above 1.4670 level. Later today, in the US session, NFP figures are scheduled for a release.
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