New York time: 00:00:00
Local time: 00:00:00
Welcome to Forex Overview page, which is updated every day during European trading hours.

Video tour of our product offerings          Twitter          Facebook          Subscribe to our newsletter

Fundamental Market Overview

February 27
2017, 12:08GMT

GBP
Official data released on Friday revealed that the number of mortgage approvals in the United Kingdom jumped to a 12-month high in January. The British Bankers' Association reported mortgage approvals rose to 44,657 in January, compared with December's 43,581 reading. The reported month’s figure was the highest since January a year ago, when mortgage approvals climbed to 45,794. Furthermore, the BBA reported its gross mortgage borrowing surged 6.3% year-over-year to £13.8B in January, while net mortgage borrowing was 2.4% higher in the same month in 2015. In addition, remortgaging approvals grew nearly 16%, being mainly influenced by record-low interest rates in the UK. Moreover, the unsecured consumer borrowing increased to an annually adjusted rate of 6.7% in spite of weaker retail sales. Consumer credit growth remained mainly driven by an increase in personal loans amid slowdown in credit card loans.
Overall, the Bank of England is likely to observe closely tendencies of borrowing more as household income is set to terminate growth this year.

CAD
Canadian consumer prices advanced more than expected in January, official figures revealed on Friday. Statistics Canada reported its headline Consumer Price Index surged 2.1% year-over-year, after rising just 1.5% in December. On a monthly basis, the index jumped 0.9% in January, following the preceding month's 0.2% fall and surpassing analysts’ expectations for a 0.3% rise. In terms of annual inflation, gasoline prices contributed most, climbing 20.6% on a yearly basis in January, the strongest rate since September 2011. In addition, higher energy prices forced transport costs to grow at an annualised pace of 6.3%, while food prices posted a decline of 2.1% compared with a 1.3% drop registered in 2015, though still managing to advance 0.6% month-on-month in January. In the meantime, shelter and goods prices ticked 2.4% and 2.0% higher over the year, whilst services-industry prices edged up 2.3%.
Nevertheless, further increase in inflation is set to rule out any short-term monetary easing by the BoC amid raising uncertainty related to both the US and domestic economic outlooks.

source Dukascopy
Disclaimer: This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.