The GBP/USD pair is moving upwards a little bit after plummeting last week.
The British Pound is slowly coming to terms with new reality. You can’t just leave the European Union with a bang, it requires time and strategy. That’s why capital markets have an opportunity to consider revised perspectives without haste. The current quote for the instrument is 1.3443; the daily growth is 0.7%.
The statistics published today indicated that the mortgage parameters in the UK increased significantly in May. The number of approved mortgage applications in May was 67,042 thousand against 66,205 thousand in April. The consumer crediting in May increased by 9.9% y/y and this is the fastest growth over 11 years.
It appears that the Brits weren’t too worried about the referendum, because in May, hardly anybody expected that the country’s population would vote to leave the Union. And now, when everyone knows the referendum results, George Osborne, the Chancellor of the Exchequer, place a particular emphasis that the real estate market may “cool down”.
Among the news published earlier, one should pay attention to the reduction of the UK’s rating by the leading credit agencies. The Pound, which updated 31-year lows earlier, barely noticed ii.
Anyhow, right now the market is looking at the statistics or external information through the prism of the Brexit. If it is a new reality, then it’s not the worst thing that could have happened.
RoboForex Analytical Department
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