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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
UK Mortgage Approvals Fall to 3.5-Year Low

UK Mortgage Approvals Fall to 3.5-Year Low

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK mortgage approvals drop to 3.5 year low -> Cable continues yesterday’s declines

The mortgages approved in June fell to a 3.5 year low according to the British Bankers Associations. The BBA reported that the amount of loans for house purchases was 26,269 in June, lower than the expected 31,200 approved mortgages, and down from the revised 29,567 home loans in May.

The UK economy has felt the pressures of the Euro debt crisis in 2012 and the BoE said in their last meeting that they will consider an interest rate cut if the most recent lending measures don’t significantly reverse the recent economic contraction.

GBPUSD has declined in today’s trading as risk aversion resulting from worries over the Spain and Greece debt situations continue. The lower than expected mortgage approvals did not notably affect cable trading. 1.5500 continues to provide support for GBPUSD.

UK_Mortgage_Approvals_Fall_to_3.5-Year_Low_body_gbpusd.png, UK Mortgage Approvals Fall to 3.5-Year Low

“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”

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