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Pound Holds Ground as UK Trade Deficit Shrinks - Finspreads

[By NBC-1TV H. J Yook]The pound has held its ground in forex markets today (January 9th) as the UK's trade deficit is reported to have narrowed in November 2012.

According to the Office for National Statistics, the 30-day period saw a slight shrinkage to £3.5 billion from October's £3.7 billion, as trade shifts away from the European Union (EU), with goods export volumes sliding compared to the previous year, while exports in the rest of the world increased.

There was a deficit of £9.2 billion on products which was partially offset by an approximate surplus of £5.7 billion on services.

In the three months to November, the volume of goods being shipped to the EU fell by 3.7 per cent and by contrast trade with the rest of the world rose by 6.8 per cent.

At 10:55 GMT, the pound was stable versus the dollar at £1 buying $1.606, while it rose by 0.1 per cent against the euro to EUR 1.228.



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