|09-09-2014, 02:08 PM||#1|
GBPUSD Wakens After UK Trade Balance Figures
The British Pound continued its bearish trend against the U.S. dollar and is currently trading near its lowest point since November 2013 after data released today showed UK trade balance posted its widest trade gap in over two years.
The data shows that a mix of weak Eurozone activity and strong domestic demand are hampering Britain’s attempts to find an economic balance to sustain any recovery.
UK reported its widest trade deficit since April 2012 as the rise in imports exceeded exports, yet industrial production came better than forecasts.
Visible trade deficit soared to 10.2 billion pounds in July from a prior 9.4 billion pounds. Exports edged up 2.1 percent while imports soared 3.9 percent.
Trade deficits fundamentally reflect that the Sterling is leaking out of the country and vice versa.
Another important figures showed that UK industrial production rose more than analysts’ prediction in July. Industrial production advanced 0.5 percent on the month, the most since five months, while grew 1.7 percent on the year.
Manufacturing production soared 0.3 percent in July, moving in line with forecasts, where the year on year reading came in at 2.2 percent.
Before the data, the British Pound grinded lower against the U.S. Dollar subsequent to the unexpected risk in Scottish Referendum. Immediately after the release of the UK trade balance figures, GBPUSD fell below the critical 1.6100 level.
As of 12:85 GMT+3 the pound steadied against the dollar to trade at $1.61109 after opening at $1.61021. The GBPUSD pair so far hit intraday high at $1.61193 and intraday low at $1.60637.
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