RTTN:Pound Climbs Against Franc, Euro After Trade Data
In the early European session on Wednesday, the pound strengthened against the Swiss franc and the euro after a report showed that U.K. visible trade deficit narrowed in November.
The U.K. visible trade deficit narrowed to GBP 9.2 billion in November from GBP 9.5 billion in October, the Office for National Statistics reported today. The deficit was seen at GBP 9 billion.
Exports were up 2.9 percent month-on-month or GBP 0.7 billion and imports climbed 1.1 percent or GBP 0.4 billion.
The pound that closed yesterday's deals at 1.4840 against the franc and 0.8150 against the euro approached 2-day highs of 1.4867 and 0.8136, respectively. The next upside target level for the pound is seen at 1.50 against the franc and 0.81 against the euro.
