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UK Housing Loans Rise From 3.5-Year Low

UK Housing Loans Rise From 3.5-Year Low

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK BBA loans for housing rises to 28,441 -> BoE still considering stimulus despite improved real estate demand -> Sterling trading steady following rally

Mortgages approved in the UK in July bounced back from a 3.5-year low, according to the British Bankers Association. The amount of loans for house purchases was reported at 28,441, beating expectations for 27,250 loans and higher than June’s revised 25,940 home loans.

Increased home loans and therefore increased real estate demand shows an improvement in consumer sentiment. However, the UK economy has felt the pressures of the Euro debt crisis in 2012 and the BoE’s minutes from their last meeting were reaffirmed today when committee member Weale said the central bank is consideringfurther quantitative easing, if the most recent lending measures don’t significantly reverse the economic contraction. Further QE would be negative for the British Pound.

The increased housing loans did not have a significant effect on the Pound, and it continues to trade slightly below 1.5900 against USD in today’s session. GBPUSD rallied to 1.5900 following yesterday’s release of the FOMC minutes. The key level could provide resistance, as it is also the 61.8% retracement of May’s decline.

GBPUSD 15-minute: August 23, 2012

UK_Housing_Loans_Rise_From_3.5-Year_Low_body_gbpusd.png, UK Housing Loans Rise From 3.5-Year Low

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