July 2018 UK mortgage approvals and BOE consumer credit data 30 August 2018
- Prior 65,619. Revised to 65.347
- Mortgage lending 3.195bn vs 3.900bn exp. Prior 3.851bn.
- BOE consumer credit 0.817bn vs 1.500bn exp. Prior 1.567bn. Revised to 1.521bn
- Of which credit card lending 0.213bn vs 0.594bn prior. Revised to 0.573bn
- Non-fin lending 2.700bn vs 1.273bn prior. Revised to 1.275bn
- Of which SME’s -0.437bn vs 0.507bn prior. Revised to 0.510bn
- M4 money supply 0.9% vs -0.3% prior m/m
- 2.1% vs 1.7% prior y/y
- Ex-financials 3.5% vs 3.6% prior 3m ann
Not a big miss for mortgages and we may see a temporary slowdown from the last rate hike coming in over the next couple of months. What’s not potentially good is the lower consumer credit, although a drop in credit card spending is perhaps a plus. It all depends on the reasons though. Consumer credit is at the slowest since Nov 2015.
GBPUSD is falling to 1.2990 but that’s more inline with a general drop vs USD and yen buying.
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