Home > Resource Hub > Daily Market News > UK import and export data disappoints

UK import and export data disappoints

UK import and export data disappoints

In the UK declining imports saw the trade deficit narrow more than April’s forcast. The Office for National Statistics reported the goods trade gap reduced to £8.2 billion, down by £1.0 billion from the previous month. Imports declined by 3.8% exceeding the decline in exports of 1.4%. While the UK has enjoyed a run of positive economic data, this report highlights the fragility of the recovery of exports to the eurozone. The exports fell by 2.3% to the lowest level since February 2011 as the ongoing recession in the region stifles demand.

In the US, employers created more jobs than forecast in May as Friday’s Non-farm payrolls rose by 175,000 – up from a revised 149,000 in the previous month.

Employment growth has averaged 155,000 for the last three months which probably falls short of the Fed’s criteria for a “sustained and substantial” improvement in the labour market.

The net impact of this was for GBP/USD to fall from last weeks peak. For purchasers of USD we are still in a much better position that we have been for the last few months.

Share this case study
Set yourself up in minutes, make payments the same day: it’s free, easy and without obligation.