UK May mortgage data 29 June
- 65.1k prev up from 64.6k
- net lending secured on dwellings £3.5bln vs 2.6bln exp vs 2.8bln prev up from 2.7bln
- net consumer credit £1.7bln vs 1.4bln exp vs 1.5bln prev
- M4 money supply mm -0.1% vs 1.3% prev
- yy 6.7% vs 8.2% prev
Carney last week highlighted growing consumer credit/household debt as a concern as I have been for a long while now.
One of the main reasons, if not the main one for not hiking interest rates anytime soon. The algos and myopic yield-led traders/algos might not be seeing it that way but rate hikes will cripple this fragile economy.
Meanwhile selling into 1.3000 has proved prudent so far as GBPUSD retreats to 1.2978. Demand expected into 1.2970 and 1.2950.
UK mortgage application mm
