Trade deficit in the United Kingdom narrowed more than market participants had initially anticipated during the month of October, following fall in the country’s construction output during the period.
U.K.’s trade deficit in October alone narrowed to GBP1.971 billion from GBP5.812 billion in September - an upward revision from a previous GBP5.2 billion, data released by the Office for National Statistics (ONS) showed Friday.
The deficit in goods alone narrowed to GBP9.711 billion in October from September's upwardly revised GBP13.832 billion, a much bigger improvement than economists' forecasts in a Reuters poll for it to narrow to GBP11.8 billion.
Construction figures showed output in the sector dropped by 0.6 percent in October compared with growth of 0.9 percent in September and economists' forecasts of a small 0.2 percent rise. Compared with a year earlier, output was up 0.7 percent versus forecasts for a 0.1 percent annual decline.
In addition, output was down 0.6 percent compared with the previous three months, while third-quarter construction output showed a fall of 0.8 percent, a less sharp decline than a previous estimate that it dropped 1.1 percent.
The Bank of England (BoE) expects housing investment growth to witness a slowdown to 0.25 percent in 2017, from 4.75 percent in 2016, compared with earlier forecasts of an outright fall next year, Reuters reported.
Meanwhile, the GBP/USD traded at 1.26, up 0.18 percent, while at 11:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at 10.24 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex


U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism
Canada Signals Delay in US Tariff Deal as Talks Shift to USMCA Review
Asian Markets Rebound as Tech Rally Lifts Wall Street, Investors Brace for BOJ Rate Hike
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes
BOJ Poised for Historic Rate Hike as Japan Signals Shift Toward Monetary Normalization
U.S. Stocks End Week Higher as Tech Rally Offsets Consumer Weakness 



