News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/IRly5vINGA
  • Gold prices surged to a 14-week high as the 10-year Treasury yield fell for a third day. Inflation fears and viral resurgence bolstered the appeal of the yellow metal, as Chinese buyers returned to the market. https://www.dailyfx.com/forex/market_alert/2021/05/17/Gold-Prices-at-14-Week-High-as-Yields-Fall-Chinese-Buyers-Return.html https://t.co/0M7qQ73c65
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.68%, while traders in France 40 are at opposite extremes with 84.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NoT4omixyH
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.03% 🇬🇧GBP: -0.07% 🇪🇺EUR: -0.11% 🇨🇦CAD: -0.23% 🇦🇺AUD: -0.40% 🇳🇿NZD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GBc23P8NQJ
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.17% Germany 30: -0.05% FTSE 100: -0.10% US 500: -0.28% Wall Street: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zEojicMMU8
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zyTHSyUiMd
  • 🇹🇭 GDP Growth Rate QoQ (Q1) Actual: 0.2% Expected: -0.8% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇹🇭 GDP Growth Rate YoY (Q1) Actual: -2.6% Expected: -3.3% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.63% Gold: 0.37% Oil - US Crude: 0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SnUeYQAKdi
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.02% 🇬🇧GBP: -0.11% 🇪🇺EUR: -0.11% 🇨🇦CAD: -0.24% 🇦🇺AUD: -0.35% 🇳🇿NZD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d3OdjbE19m
Less Construction and Mortgage Approvals Show a Weaker UK Economy

Less Construction and Mortgage Approvals Show a Weaker UK Economy

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK PMI for construction for June at 48.2 -> Mortgage approvals drop to 51,098 in May ->Sterling consolidates in today’s trading

Another sign of a slowing economy emerges from the UK as construction output during June has declined for the first time in a year and a half, according to Markit Economics’ Purchasing Managers’ Index. The 48.2 PMI was a surprise when compared to the mean analysts’ expectation for the index to fall to 52.9 from May’s 54.4 survey result. A PMI under 50.0 indicates less output in the sector.

Civil engineering and housing activity were the worst performing areas of construction, while commercial activity was still slightly up in June. The PMI set a new 2-year low.

Additionally, mortgage approvals to buy homes for the month of May fell to 51,098 from May’s revised 51,627 loan approvals. However, this was still better than analyst’s projections for 50,000 approvals.

UK M4 money supply was also down -0.1% during the month of May. The money supply is used by the Bank of England as a gauge to see how effective their asset purchase program is.

The lower construction and mortgage approvals both point to an economy that continues to suffer from the effects of the Euro debt crisis. The Bank of England is widely expected to raise stimulus in their July meeting, as both the minutes from June’s meeting and recent comments by Governor Marvyn King show a growing concern over the faltering economy.

Cable has consolidated in today’s trading below 1.5700, as the there has been relatively little news from Europe. GBPUSD took a small jump closer to 1.5700 following the better than expected mortgage approvals, but remained within the earlier trading range.

Less_Construction_and_Mortgage_Approvals_Show_a_Weaker_UK_Economy______body_gbpusd.png, Less Construction and Mortgage Approvals Show a Weaker UK Economy

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES