The UK’s deficit on trade in goods and services was estimated to have been £2.7 billion in December 2015, a narrowing of £1.3 billion from November 2015. The narrowing is attributed to trade in goods where the deficit has narrowed from £11.5 billion in November 2015, to £9.9 billion in December 2015. Analysts were predicting deficit of £10.4 billion.
Between November 2015 and December 2015, the trade in goods narrowing was mainly the result of a fall in the import of goods of £1.7 billion to £33.0 billion; mainly reflecting a fall in imports of unspecified goods, which decreased by £1.0 billion to £0.4 billion.
Sterling is currently being traded around 1.4420 handle. Pair is likely to find support around 1.4350 handle and resistance above 1.4550 level. There will be no major data releases in the rest of the session.
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