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GBP/USD stabilizes above 1.2400 heading into weekend
GBP/USD has staged a rebound and seems to have stabilized above 1.2400 following the quick drop seen after the upbeat PMI figures from the US. Earlier in the day, weak UK Retail Sales data weighed on Pound Sterling but the pair looks to end the week flat.
The Colombian trade balance was surprisingly positive in February, with exports exceeding $-0.9M, significantly above the forecasts of $-500M.
The improvement in the net trade balance was largely due to stronger export performance, driven by high domestic demand. This was underpinned by higher oil prices and increased exports of manufactured goods and services, as well as increased imports of raw materials, capital goods, and consumer goods.
The news was welcomed by the Colombian government, who have been working hard to promote international trade and investment in the country. The improved trade balance position is likely to lead to further investment in the Colombian economy, as well as providing a boost to the manufacturing sector.
In addition, the improved trade balance should support further job creation. The Colombian economy has shown strong growth in recent years, and the improvement in the trade balance should help to drive further growth in the economy, as well as providing a much-needed injection of capital.
Overall, this news provides good news for the Colombian economy and is expected to lead to further economic expansion over the coming months. The strong trade performance in February bodes well for the future and will be closely monitored by the Colombian government in the near term.