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U.K. Q3 Current Account Better Than Expected, Q2 Revised Much Lower

Published 12/31/2000, 07:00 PM
Updated 12/23/2008, 05:10 AM
TTEF
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Release Explanation: This is a nation’s total exports of Goods, Services, and Transfers, deducted from its total imports of them. (Not to be confused with the Trade Balance that looks solely at imported and exported Goods). Current Account Balance calculations exclude transactions in Financial assets and liabilities. It is a comprehensive accounting review of a nation’s Global trade that includes the Trade Balance in its figures.

Trade Desk Thoughts: U.K. current account deficit reached £7.7 billion in the third quarter of 2008, up from a deficit of £6.4 billion in the second quarter, revised down from £11.0 billion. The third quarter current account represents 2.1% of the U.K. GDP. The higher current account deficit was mainly the result of falls in the surpluses on income and trade in services. The surplus on income was £7.5 billion, £0.8 billion lower than in the previous quarter, mainly due to a fall in the surplus on foreign direct investments.

Forex Technical Reaction: Despite the important economic releases, the pound had a weak reaction to the news. Since the Asian session started, the pair has fallen 40 pips.

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