UK May trade balance data report 7 July
- GBP -10.595bln prev revised down from -10.383bln
- trade balance GBP -3.073bln vs -2.5bln exp vs -2.116bln prev down from -2.05bln
- trade non-EU GBP -3.796bln vs -2.45bln exp vs -2.621bln prev down from -2.068bln
Weaker trade data combining with the soggy production data out at the same time to send GBP lower.
Keep selling those rallies.
GBPUSD currently 1.2915 on session lows EURGBP 0.8835. Offers /res into 0.8850 and GBPUSD bids between 1.2880-00 should help contain for the moment.
Says the ONS:
The widening of the trade deficit in the 3 months to May 2017 reflects a higher rise in imports than the rise in exports of goods, in particular transport equipment (cars, aircraft and ships), oil and electrical machinery from non-EU countries; a decrease in exports of services also contributed.
Full report here
UK trade data mm
