UK Goods Trade Balance deficit narrowed to £9.9 billion
The UK’s deficit on trade in goods and services was estimated to have been £2.3 billion in May 2016, a widening of £0.3 billion from April 2016. Exports decreased by £2.0 billion and imports decreased by £1.7 billion. The deficit on trade in goods was £9.9 billion in May 2016; widening by £0.5 billion from April 2016. This widening reflected a larger decrease in exports (down £2.1 billion to £23.7 billion) than the decrease in imports (down £1.6 billion to £33.5 billion).
Between the 3 months to February 2016 and the 3 months to May 2016, the total trade deficit for goods and services narrowed by £2.5 billion to £8.2 billion. The deficit on trade in goods narrowed by £2.7 billion to a deficit of £30.6 billion between the 3 months to February 2016 and the 3 months to May 2016. Exports increased by £4.5 billion (6.5%) and imports increased by £1.7 billion (1.7%).
Sterling is currently being traded few points above 1.2940 level. Pair is likely to find support around 1.29 handle and resistance above 1.30 level.
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