Global macro overview for 29/07/2015:
Another series of economic data from UK has just been release. Overall mortgage approvals rose to 66.582K against the forecast of 66.000K and 64.826k in the prior period. The net consumer credit rose to the level of 1.22 bln against the forecast of 1.1 bln and 1.057bln in the prior period. The data suggests that more British people buy houses and spend more money on household debts, which means the economy might be expanding.
This data, together with yesterday’s higher-than-expected GDP numbers ( 0.7% q/q; 2.6% y/y), are making the pound to move above the short-term golden trendline, eyeing the important resistance at the level of 1.5669.
The material has been provided by InstaForex Company – www.instaforex.com