Trial now
GBPUSD TECHS

Trend Direction Remains Down

FED

Reverse Repo Operation

COMMODITIES

Lumber Breaks Back Above Its 200DMA

BRAZIL

Precatorios Bill Comfortably Passes Senate Vote

     By David Robinson and Irene Prihoda
     LONDON (MNI) - Bank of England money and credit data showed that 
the average interest rates being paid by borrowers on a range of 
mortgages were at record lows in February, but housing market activity 
looks set to soften.
     The following are key points from the BOE data sets:
     -The number of mortgage approvals, a reliable indicator of future 
house purchases, fell to 64,337 in February from 66,696 in January, just 
above the 64,112 recorded in December.
     The approvals figure was a shade below the previous six month 
average of 65,50. Other housing market surveys have also painted a 
picture of subdued demand.
    -The average interest rate on the stock fixed 3,4 and 5 year 
mortgages hit their series lows in February. The average interest rate 
on the stock of all fixed rate mortgages was unchanged at 2.23%, the 
joint lowest on record.
     Despite the Bank of England having raised its policy rate from its 
trough, the actual interest rates being paid by mortgagees have 
declined, reflecting a mix of squeezed net interest margins and flatter 
money market curves.
    -Unsecured borrowing was little changed in February 1,145 compared 
to January. The yearly growth rate of consumer credit (Feb 6.3%) 
continued to show a downward trend which has been in place since 
November 2016 where it peaked at 10.9%. 
     As consumer confidence remains weak and as this data show borrowing 
decelerating then consumption grwoth is likely to be subdued.  
       
 -London newsroom: e-mail: david.robinson@marketnews.com  
[TOPICS: M$B$$$,M$$BE$,MABDS$]