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Forex News: UK Trade Deficit is Worse than Expected in November

Forex News: UK Trade Deficit is Worse than Expected in November

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK Trade Deficit rises to 3.466 billion Pounds in November -> Trade of goods sees a deficit, services see a trade surplus -> Sterling trading unaffected

The UK total trade balance dropped to -3.466 billion Pounds in November, coming in lower than the expected -3.0 billion trade balance and better than October’s 3.729 billion trade deficit.

Exports rose 2.9% in November, while imports were up 1.1%. The trade balance on goods was reported at -9.7 billion, while trade of services saw a surplus 5.7 billion Pounds, according to the Office for National Statistics. Export prices fell 0.9% over the three months that ended with November, while import prices fell 0.7% over the same time period. The trade deficit to countries outside of the European Union was slightly higher at 4.519 billion pounds.

Exports make up nearly a third of the UK economy, therefore a higher trade deficit could be a negative indicator for the UK economy. The Bank of England has previously said that the rise in GDP in Q3 may have been due to one time factors, and Q4 could see a return to negative GDP growth. Signs of a worsening UK economy are Sterling negative.

However, the Pound barely declined following the news of the worse than expected trade deficit, and the Pound is trading higher against the US Dollar in Forex markets today. The pair might find support here by the key 1.6000 figure.

GBPUSD Daily: January 9, 2013

UK_Trade_Deficit_is_Worse_than_Expected_in_November_body_gbpusd.png, Forex News: UK Trade Deficit is Worse than Expected in November

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