Forex Pros – The U.K. current account deficit narrowed less-than-expected in the first quarter, official data showed on Tuesday.
In a report, the U.K.’s National Statistics Office said that the U.K. current account recorded a seasonally adjusted deficit of GBP9.4 billion in the first quarter, down from a deficit of GBP13.0 billion in the preceding quarter, whose figure was revised from a deficit of GBP10.5 billion.
Economists had expected the current account deficit to narrow to GBP4.7 billion.
According to the data, the first quarter balance was equivalent to -2.5% of GDP, compared to -3.5% in the previous quarter.
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD shedding 0.14% to trade at 1.5966.
Meanwhile, European stock markets were broadly higher. The FTSE 100 rose 0.75%, the EURO STOXX 50 advanced 0.6%, France’s CAC 40 jumped 1.15%, and Germany’s DAX gained 0.45%.
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