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UK Current Account deficit widen to £32.7 billion in Q4

Thursday, Mar 31 2016
The United Kingdom’s (UK) current account deficit was £32.7 billion in Quarter 4 2015, up from a revised deficit of £20.1 billion in Quarter 3 2015. Analysts were anticipating deficit of £21.1 billion. The deficit in Quarter 4 2015 equated to 7.0% of gross domestic product (GDP) at current market prices, the largest proportion since quarterly records began in 1955, up from 4.3% in Quarter 3 2015. The widening in the current account deficit was due to a widening in the deficits on primary income, total trade and secondary income.
Separate report on Money and Credit showed that total lending to individuals increased by £4.9 billion in February, in line with the average over the previous six months. The number of loan approvals for house purchase was 73,871 in February, compared to the average of 70,991 over the previous six months. The number of approvals for remortgaging was 40,749, broadly in line with the average over the previous six months. The number of approvals for other purposes was 12,514, compared to the average of 12,103 over the previous six months.
 
Sterling is currently being traded few points above 1.4380 level. Pair is likely to find support around 1.43 handle and resistance above 1.4450 level. Later today, in the US session Unemployment Claims and Chicago PMI figures are scheduled for a release.
More in this category: « German Retail Sales down, unemployment unchanged Eurozone CPI at -0.1% in March »

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