UK trade deficit hits 15 year high
10 August, 2012
The Pound held its ground yesterday despite news that the UK trade deficit widened in June to its worst level since records began in 1997.
The gap between imported and exported goods and services, was £4.3bn in June, up from £2.7bn in May, with a particularly sharp drop in exports to the Eurozone which is likely caused by the weaker Euro making British goods more expensive in the single currency zone.
Despite the news, sterling did not fall back significantly, in fact posting a small gain against the Euro. The figures show however that the government and Bank of England will be keen for the Pound’s recent rise against the Euro in particular to be short lived, as cheaper exports could be key to economic recovery.
Today we have very little data due out except Canadian unemployment at 1330. The Canadian Dollar has increased in price by 2.5% in the last month, so those of you sending money to Canada will be hoping for a weaker figure than the expected 7.2% unemployment rate.
The monthly US budget statement is also out at 1900 this evening, and may give us some movement in US Dollar rates which have been relatively stable this week so far.
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