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
Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

Real Time News
  • The price of oil defends the advance from the monthly low ($65.01) amid a larger-than-expected decline in US inventories. Get your #crudeoil market update from @DavidJSong here:
  • RT @burgessev: Barring something really surprising, Senate will move forward on bipartisan infrastructure deal shortly. Capito says: "I pla…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX:
  • $USD now at two week lows, cutting into secondary support zone 92.19-92.26 $DXY
  • Infrastructure week, for real this time
  • Facebook Earnings Summary: Revenues: $29.08 B vs $27.89 B est. EPS: $3.61 vs. $3.03 est. $FB down ~5% in AH session
‘Buy Dips’ in GBP/USD as U.K. Mortgage Apps Raise Risk for Bubble

‘Buy Dips’ in GBP/USD as U.K. Mortgage Apps Raise Risk for Bubble

David Song, Gregory Marks,
GBP/USD dips BoE announces UK Mortgage.

The GBP/USD may continue to mark fresh highs over the next 24-hours of trading as a rebound in U.K. Mortgage Approvals raises the scope for a faster recovery in 2014.

Even though the Bank of England (BoE) removed the Funding for Lending Scheme (FLS) for U.K. households, a further pickup in demand for home loans may heighten the threat of an asset-bubble, and we may see Governor Mark Carney adopt a more hawkish tone for monetary policy in an effort to balance the risks surrounding the region. As a result, the Monetary Policy Committee (MPC) may take a more aggressive approach in preparing U.K. households for an imminent rise in the benchmark interest rate, and we may see a growing number of BoE officials show a greater willingness to normalize monetary policy sooner rather than later as private sector activity picks up.

At the same time, it seems as though the MPC will do little to halt the appreciation in the British Pound as it helps the central bank to achieve the 2% target for inflation, and the policy outlook continues to favor a bullish forecast for the GBP/USD as the Federal Reserve remains reluctant to move away from its zero-interest rate policy (ZIRP).

In turn, the GBP/USD may continue to target fresh 2014 highs as the pair retains the bullish trend from earlier this year, and it seems as though it will only be a matter of time before the pound-dollar probes the 1.7000 handle amid the deviation in the policy outlook.

U.K. Mortgage Approvals (March)

UK Mortgage Approvals for the month of March are expected to come in at 72.0K vs. 70.3K prior. In January we saw the reading come in at highs not seen since 2007, but we’ve since pulled back. It is key that we see the figure meet or beat in order for the GBPUSD pair to maintain its current price near 2009 highs on an intraday basis. From a technical standpoint, we saw GBPUSD break above the November 2009 highs ahead of and at the FOMC announcement, but we’ve not confirmed a daily close above that level just yet. In the context of Fibonacci channel resistance, it is important to note RSI trends on the daily chart. GBPUSD has attempted to break and hold 70 for months now and we’ve consistently seen failure. A strong RSI move above 70 has not been seen since the day of and after the September FOMC Rate Decision.

GBP/USD Daily Chart

GBP/USD Daily Chart

Source: FXCM Marketscope

GBP/USD Monthly Chart

GBP/USD Monthly Chart

Source: FXCM Marketscope

David Song, Currency Analyst and Gregory Marks, DailyFX Research Team

Keep up to date on event risk with the DailyFX Calendar.

How does a Currency War affect your FX trading?

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