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Forex News: UK Mortgage Approvals Rise for the 4th Straight Month

Forex News: UK Mortgage Approvals Rise for the 4th Straight Month

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK mortgage approvals rise above 50,000 in September -> FLS could be responsible for rise in loans -> Sterling trading unaffected

In FX related news, UK mortgage approvals rose for the fourth straight month in September, possibly signaling the success of the BoE’s funding for lending scheme. Home loans were up to 50,024 in Septmber, beating expectations for 48,700, and higher than August’s revised 47,921 mortgages.

Net consumer credit was 1.2 billion Pounds in September, according to the Bank of England. Earlier today, housing prices were reported to have fallen 0.1% in the UK according to the Hometrack Housing Survey.

In attempts to improve spending during this weak economic environment, the BoE recently implemented the funding for lending scheme, which is meant to provide banks with additional incentives to lend to households and businesses. The rise in mortgage approvals could be seen as a result of the program and is a possible sign of an improving economy.

The rise in mortgage approvals had no significant effect on Sterling trading or forex markets. GBPUSD has declined from 1.6100 in today’s trading; support could be provided at 1.6057, by the 76.4% retracement of May’s declines.

GBPUSD 15-minute: October 29, 2012

Mortgage_Approvals_Rise_for_the_4th_Straight_Month_body_gbpusd.png, Forex News: UK Mortgage Approvals Rise for the 4th Straight Month

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