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UK Mortgage approvals up

UK Mortgage approvals up

Although Sterling has seen little change against the Dollar, we have seen some support against the Euro this morning ahead of a report that will show mortgage approvals have increased to the most in more than five years. The Bank of England will say today that lenders granted 59,700 home loans in June, the most since March 2008 and up from 58,200 the previous month.

The Euro looks steady against the Dollar this morning hovering near five-week highs as markets eye the release of U.S. data and as investors remained cautious ahead of upcoming policy statements by the Federal Reserve and the European Central Bank.

Expectations that the Federal Reserve will this week emphasise plans to keep U.S. interest rates at near zero have left the Dollar at a five-week low while concerns about China’s stuttering economy have continued to pressure commodity markets.

The Federal Reserve, the European Central Bank and the Bank of England meet this week. All are expected to repeat or refine their “forward guidance” that borrowing costs will remain extraordinarily low as long as growth remains weak and inflation is not a threat.

USD remains a little weaker versus GBP at 1.5400 GBP/EUR nudging to 1.1600 and EUR/USD still holding fire at 1.3290.

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