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FX Headlines: U.K.'s Trade Deficit Widens in December, Forex Traders Countdown to the BoE Rate Decision

FX Headlines: U.K.'s Trade Deficit Widens in December, Forex Traders Countdown to the BoE Rate Decision

2011-02-09 13:30:00
Michael Wright, Currency Analyst
Share:
U.K._Trade_Deficit_Widens_in_December_Forex_Traders_Countdown_to_the_BoE_Rate_Decision_body_fxheadlines.jpg, FX Headlines: U.K.'s Trade Deficit Widens in December, Forex Traders Countdown to the BoE Rate DecisionU.K._Trade_Deficit_Widens_in_December_Forex_Traders_Countdown_to_the_BoE_Rate_Decision_body_fxb.png, FX Headlines: U.K.'s Trade Deficit Widens in December, Forex Traders Countdown to the BoE Rate Decision

Fundamental Headlines

Korean Talks End Without Agreement – Wall Street Journal

Inflation Worries Spread – Wall Street Journal

North – South Korea Military Talks Collapse – Financial Times

Two Fed Skeptics of QE Say Inflation Underscores Risks – Bloomberg

Cameron’s Government Retreats on Bank Bonus – Cut Demands – Bloomberg

GBPUSD: The trade deficit in the U.K. widened in December to 9.2 billion pounds from 8.5 billion pounds the month prior amid economists’ forecasts of 8.6 billion pounds. Taking a look at the breakdown of the report, exports advanced 1.5 percent, while imports jumped 3.5 percent. Looking ahead, the region’s largest spending cuts since the Second World War is expected to reduce the demand for imports, while exports will also remain subdued as the recovery in the 17 member euro area comes under pressure due to the increase in the value added tax measures within the bloc.

The GBPUSD is relatively unchanged ahead of the Bank of England interest rate decision. As of late, traders are pricing in a 17 percent chance that the central bank will hike rates twenty five basis points. Despite the recent optimism in borrowing costs expectations, the central bank will likely hold its key overnight interest rate and asset purchase target at 0.50 percent and 200 billion pounds respectively as predictions of weak growth discourage policy makers from tightening monetary policy.

Written by Michael Wright, Currency Analyst

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Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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