[B]GBP/USD [/B]- ... Sterling's spectacular ascent in the 1st half of the year had generated huge profit to those who jumped on the bandwagon, however, the sharp rise in the value of the pound has a negative impact to the U.K. trade balance.
Reuters reported on Fri sagging exports pushed Britain's trade deficit to a 5-month high in Jun, suggesting a more balanced economic recovery still looks a way off, although the construction industry recovered from a dip in May.
Exports of U.K. goods to countries outside the EU fell to their lowest level since Sep 2011, coinciding with the pound hitting a near six-year high against the dlr. Britain's total goods trade deficit grew to 9.4 bln pounds in Jun, its highest level since Jan, fm 9.2 bln pounds in May. The data dampened hopes that exports will soon make a greater contribution to U.K.'s consumption-led economic recovery, but separate construction data n a recruitment survey still pointed to strong domestic demand.
"The (trade) problem is largely out of the U.K.'s hands who pointed to weak growth in the euro zone - Britain's biggest export market, said Martin Beck, senior economic advisor to the EY ITEM Club. He added "This is likely to remain the case for the foreseeable future. Sterling rose further in July while the euro zone economy looks set for little or no growth in Q2."Britain's economy grew 0.8% in the 2nd quarter, according to an early estimate. . By contrast, The Bank of England will release updated economic forecasts on Wed - expects that pace of growth to slow slightly later this year.
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Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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