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Forex News: Rise in Sterling Accompanies a Drop in the UK Trade Deficit

Forex News: Rise in Sterling Accompanies a Drop in the UK Trade Deficit

2012-11-09 09:59:00
Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK trade deficit drops to 2.699 billion in September -> Exports of goods to non-EU countries rise by 290 million -> Sterling erases some earlier losses

The UK trade deficit fell to 2.699 billion Pounds in September, beating expectations for a 3.2 billion deficit and lower than the revised 4.309 billion Pound deficit in August. The UK trade deficit to non-EU countries was slightly worse at -3.972 billion Pounds, but still better than the expectations for a 4.6 billion deficit.

Exports of goods from the UK to non-EU countries rose by 290 million Pounds to 12.565 billion, while goods exports to the EU fell by 16 million Pounds. Imports of goods to the UK fell by 1.342 billion in September, while the trade balance of services fell by 6 million Pounds, according to the UK Office for National Statistics.

The Sterling pared some of today’s losses against the US Dollar following the release. In forex markets, GBPUSD climbed up to 1.5983, following an earlier session decline from above 1.6000. Support could be provided by a 2-month low at 1.5913, and resistance could be provided by the key 1.6000 figure.

GBPUSD 15-minute: November 9, 2012

Rise_in_Sterling_Accompanies_a_Drop_in_the_UK_Trade_Deficit_body_gbpusd.png, Forex News: Rise in Sterling Accompanies a Drop in the UK Trade Deficit

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