The Pound has softened against the Euro and US Dollar after data showed that mortgage approvals in the United Kingdom rose less-than-expected in June, but still managed to hit the highest recorded level since February 2012.
According to the report published by the British Banker’s Association the number of new mortgages approved in June rose to 37278, up from May’s figure of 36290. Economists had been expecting the number to have reached 38300.
The figure is thought to have been helped by the introduction of the Bank of England’s Funding for Lending scheme, which ensures lenders can have cheap funding if required. The Treasury’s Help to buy scheme also appears to have helped bolster the housing markets activity. Mortgage approvals increased to 2.7% on the month.
The next piece of key data for Sterling is due to released on Thursday with the release of a plethora of important economic data. The UK will see its latest Gross Domestic Product data published which is expected to show that the nation’s economy expanded in the second quarter of the year. GDP is expected to rise to 0.6% on a quarter-by-quarter basis and by 1.4% on a yearly one.
Other important data comes from the United States with the release of the latest Durable goods figures and jobs data. Any sign of a decline in either is likely to soften the Dollar as speculation over the Federal Reserve’s tapering plans is likely to ease.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5367 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1648 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6598 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9227 <
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6507 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8585 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6024 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5200 >
(As of 10:30 am GMT)
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