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U.K. Mortgage Approvals Slump to Nine-Month Low, Making Case for More QE.

U.K. Mortgage Approvals Slump to Nine-Month Low, Making Case for More QE.

2010-03-29 12:23:00
John Rivera, Currency Analyst


Fundamental Headlines

• Stock Rally at Mercy of Rising Rates – Wall Street Journal
• Greece to Issue Seven-Year Bond – Wall Street Journal
Euro rises on hopes that debt crisis is abating - Financial Times
• European Economic Confidence Climbs More Than Economists Forecast in March- Bloomberg
• Goldman Sachs Capitulation on Dollar Leads Turnaround in Outlook for U.S. - Bloomberg

GBP/USD  U.K. mortgage approvals unexpectedly fell to 47,100 against expectations for a rise to 48,400 from 48,100 the month prior. It was the lowest number of new loans in nine months as banks continue to employ tight lending standards. Further weakness in the housing market may force the BoE to add to their asset purchase program as a rebound in the sector is critical to the country’s recovery. However, a bigger than expected rise in consumer credit of 528 million pounds bodes well for consumer spending which could help drive domestic growth and ultimately job creation.   To discuss this and other topics, please visit the GBP/USD forum.

EUR/USD–  European economic confidence improved in March to 97.7 from 95.9, which was the highest in almost two years. The surge in optimism is a bit surprising given the sovereign credit issues of Greece and Portugal. Improving fundamentals continue to point toward a strengthening recovery.  Demand from emerging markets have paced a manufacturing led rebound, but fears are increasing that steps to cool growth in China and India could derail future output. Therefore, the ECB has remained on hold as they continue to see risks between inflation and growth balanced. To discuss this and other topics, please visit the EUR/USD forum.


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