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UK Goods Trade Balance surplus narrowed to £11.2 billion

Tuesday, May 10 2016
The UK’s deficit on trade in goods and services was estimated to have been £3.8 billion in March 2016, a narrowing of £0.5 billion from February 2016. The narrowing is attributed to both trade in goods and trade in services. The trade in goods deficit has narrowed from £11.4 billion in February 2016, to £11.2 billion in March 2016, in line with market forecasts.The trade in services surplus increased from £7.1 billion in February 2016, to £7.4 billion in March 2016.
The narrowing of the trade in goods deficit between February 2016 and March 2016 reflected an increase in exports of £0.4 billion to £23.7 billion; mainly attributed to a rise in unspecified goods and machinery and transport equipment. Between Quarter 4 (October to December) 2015 and Quarter 1 (January to March) 2016, the total trade deficit for goods and services widened by £1.1 billion to £13.3 billion.
 
Sterling is currently being traded few points above 1.4430 level. Pair is likely to find support around 1.4380 handle and resistance above 1.45 level. There will be no data releases later today.
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