Markets brace for UK trade balance, output data

(MENAFN– ecpulse) Markets will look again for the string of economic data out of the United Kingdom on Tuesday with industrial and manufacturing output data along with trade balance report due to be released later in the session.

Update on the UK industrial production and trade data will likely offer fresh hints over the health of the UK economy.

Britain’s trade numbers will probably provide signs of solid improvement amid constant improvement in foreign demand and eased debt crises the euro-area, the UK largest trading partner.

- Visible trade balance deficit likely eased to -£9100 million from -£9413 million

- Trade balance with non-EU members expected at -£3600 million from -£3841 million

- Total trade balance seen falling to -£2300 million from -£2459 million

At 09:30 GMT, the Office of National Statistics (ONS) will also publish the index of industrial and manufacturing production data. 

- Annual industrial production probably rose to 1.3% from 1.2% a year ago

- Annual Manufacturing production likely improved to 2.2% from 1.9% a year earlier

Good news will surely help lift the sentiment, if the industrial production and trade balance data beat expectations it would support pound.

As of 09:12 GMT +3, the GBPUSD traded lower on Tuesday, extending losses for a second straight day trading at $1.60856 after opening at $1.61021. The pair so far hit a session high of $1.61073 and a session low of $1.60637.