THE TAKEAWAY: UK trade balance falls to -3.644 billion Pounds -> Sterling higher in today’s trading
The UK total trade balance fell to -3.644 billion Pounds in October, lower than both expectations for a 3 billion trade deficit and September’s -2.493 billion trade balance. Outside of the European Union, the trade balance fell to -4.532 billion Pounds, and the trade of goods had a -9.539 billion Pound deficit in October, according to the UK Office for National Statistics.
The Sterling did not react significantly in forex markets to the news of lower than expected trade balance. GBPUSD is currently trading slightly above 1.6100, resistance could be found at the 2-month high at 1.6174.
GBPUSD Daily: December 6, 2012