The pound is ignoring the statistics

March 30, 2015

On Monday, the GBP/USD pair is falling, despite the positive statistics on lending in the UK economy.
The British Pound on Monday falls in tandem with the US dollar. The stabilization period, did not last long, despite the long awaited comments from the Bank of England regarding the interest rate in the end of last week. Probably, investors are now betting on the strong macroeconomic reports on the US, which will be published on Wednesday.
According to statistics released today, the number of approved mortgage applications increased in February in the UK, and this fact was the third consecutive increase in the indicator. The number of approved applications was 61,760 against the January level of 60,707. The data was slightly below the forecasted levels. Now the indicator is at a six-year maximum and, in theory, it could support the position of the pound.
This report coincides with the earlier released conclusion from Nationwide that the country's growth in house prices is slightly slowing.
It is interesting that with the growth of approved mortgage applications there is a rise in consumer lending. In February, the index rose by 6.6%.The parameters of business lending are also gradually expanding.
In general, all this could have been positive for the pound, but alas - the market's attention is focused on the reports scheduled for release on the US labour market.
 
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