GBP/USD: Some commentators are describing this as a ‘slump’ below 1.3000; patently not the case..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

UK posts a record trade surplus in November

As imports collapse by 7.8 per cent

I didn’t think I’d see the day when Britain managed a trade surplus, something it’s failed at miserably since the mid-1980s; from 1955 to 2019 the UK had an average trade deficit of £1263 million. Published by the ONS yesterday, November’s trade surplus was £4031 million, a sensational record high and compares with a record £8145 deficit in March 2019. The trade in goods alone resulted in a deficit of £5256 in November and a non-EU surplus in goods and services of £1734.

Chinese December trade data was published this morning, and here too the surplus improved to CNY 329 billion from CNY 274 billion in November. Its trade surplus with the US slipped to $23.18 billion from $24.6 billion the previous month. Remember that tomorrow, the 15th January, is the date the first part of a trade deal between these two nations is due to be signed. As a gesture of goodwill, the US has taken China off their ‘currency manipulator’ list.

Financial Markets and Political Commentary

 

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