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Pound slips after mortgage report
The pound has slipped versus the US dollar, trading at $1.6849, after the UK revealed softer-than-expected mortgage approval figures.
The British Bankers Association showed 42,200 mortgages were approved in April, and the consensus was for 45,200. Mark Carney recently cited the booming property market as a possible cause for concern, however this morning’s report suggests the housing market may not hamper the recovery after all.
The UK economy is growing and there is speculation that the Bank of England will increase interest rates in early 2015. Traders seem to be getting ahead of themselves and expecting too much when it comes to UK economic data.
The US will announce the durable goods report at 1.30pm (London time), and analysts are expecting a drop of 0.5% on the month. If the report is worse than expected we could recoup lost ground and target $1.6880, to the downside we may target $1.6760.