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Pound Holds Ground as UK Trade Deficit Shrinks - Finspreads

Jan 9 2013 12:00AM

Marketwire

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LONDON -- (Marketwire) -- 01/09/13 -- Finspreads - The pound has held its ground in forex markets today (January 9th) as the UK's trade deficit is reported to have narrowed in November 2012.

According to the Office for National Statistics, the 30-day period saw a slight shrinkage to £ 3.5 billion from October's £ 3.7 billion, as trade shifts away from the European Union (EU), with goods export volumes sliding compared to the previous year, while exports in the rest of the world increased.

There was a deficit of £ 9.2 billion on products which was partially offset by an approximate surplus of £ 5.7 billion on services.

In the three months to November, the volume of goods being shipped to the EU fell by 3.7 per cent and by contrast trade with the rest of the world rose by 6.8 per cent.

At 10:55 GMT, the pound was stable versus the dollar at £ 1 buying $1.606, while it rose by 0.1 per cent against the euro to EUR 1.228.

About Finspreads:

Finspreads pioneered browser-based spread betting in the UK in 1999 by being the first provider in the industry to offer real time spread betting access via a browser. Finspreads have since grown to become one of the biggest online spread betting firms in the UK.

Spread betting offers traders -- new and experienced -- the opportunity to trade on the future price movements of a wide range of financial markets, including shares and indices, for only a small initial deposit.

Spread betting offers increased trading flexibility as you can trade and potentially profit from all price movements, up as well as down. If you believe that the price of a market will rise in value, you go long or buy. Your profits will rise in line with any increase in that price.

If, however, you believe the price of a market will fall, you can go short or sell, and your profits will rise in line with any fall in that price. Alternatively, if you are wrong and the price of a market moves against your position, you will encounter a loss.

Your losses are magnified in exactly the same way as your gains if the market moves against you and can result in losses exceeding your initial outlay. Please ensure you fully understand the risks involved.



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Source: Marketwire


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