According to the data provided by the ONS, the UK’s external trade deficit decline in November 2012. The deficit cut was attended by higher exports of oil (+₤201 million) and chemical products (+₤446 million).
The export growth covered the highest import from the eurozone seen over the last 6 years. October’s deficit was equal to ₤9.5bn. November’s one declined down to ₤9.2bn. The readings were above expectations (₤9.0bn).
Experts say there are structural changes in the country’s external trade. They emerged in August. Despite an export decline in Europe (-3.7% y/y), the overall export grew by 6.8% y/y.
Forex.
According to , the British Pound keeps strengthening against the US Dollar. The experts report that GBPUSD has finished forming a big-scale downswing represented by wave А/В of level Daily.
A further rally (above the 1.6379 high) will probably encounter resistance around 1.6386. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.5991 (as shown below).
