Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Monday sees a quiet schedule and the only data release scheduled in Europe is the publication of BOE money and credit data at 0930GMT. The highlight in the US is the release of the Dallas Fed Manufacturing survey at 1530GMT.
BOE mortgage approvals seen lower
Mortgage approvals eased to 98,994 in January, down from 102,809 recorded in February, but well above the monthly average in the six months to February 2020. Meanwhile, mortgage borrowing registered at GBP 5.2bn, indicating a relatively strong mortgage market. In February, markets expect mortgage approvals to decline further to 94,800.
Consumer credit eased in January showing net repayments of GBP 2.4bn, the largest net repayment since May 2020 and led by less new borrowing. Markets look for consumer credit to register at GBP -1.5bn in February.
Dallas Fed manufacturing index forecast to fall
The general business index of the Dallas Fed manufacturing index surged 10.2 points to 17.2 in February, its highest level since October 2020 where the index hit a 2-year high. February's survey showed strong growth in manufacturing activity with the production index jumping to 19.9 and new orders rising to 13.0. Markets look for downtick to 14.5 in March. Similar survey evidence suggests an upside risk. While the Philadelphia Fed manufacturing index surged to a 50-year high, the flash IHS manufacturing PMI ticked up to a two-month high.
The event calendar remains quiet as well. The only speech scheduled is by Fed's Christopher Waller.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.