March’s Markit/CIPS Manufacturing PMI (09.30 BST) may provide further signs that the sector’s recovery has turned a corner. Capital Economics forecasts a reading of 54.5. However, March’s household borrowing figures (09.30 BST) may signal that the recovery in mortgage lending is only picking up slowly. The BBA’s measure of the number of mortgages approved by the main high street banks rose from 37,453 in Feb to 38,751 in March. But approvals remain some 14% lower than their level a year ago. Capital Economics expects a small rise in the official measure of approvals to 62,000 in March.
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