More poor economic data from the U.K. This time it’s the trade deficit. U.K. August goods trade deficit came in at GBP 8.20 bln, much worse than expected with the median forecast calling for a GBP 7.50 bln shortfall. Even worse news came in the July revision which was revised to GBP 8.24 bln from the initial GBP 7.67 bln, making July’s deficit the worst monthly deficit on record. Cable meanwhile seemed to pretty much shrug off the data, presently up about 3/4 of a cent on the day at 1.7330. The pound is garnering some support from the unwinding of the risk aversion trade.