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The market seems to be in ?consolidation? mode
Published: 31 May at 2 PM Tags: Euro Exchange Rate, Forex, Euro Crisis, UK, Economy,
Data out from the UK, US and the euro zone failed to have any dramatic impact on the markets yesterday. Instead, the markets seem to be in ‘ consolidation’ mode as we start the last trading day of the month.
In the UK, data from the Nationwide suggest that UK house price growth continued to accelerate in May with the number of mortgage approvals also on the rise.
The Nationwide report that the price of a typical home increased by 0.4% in May and is 1.1% higher than in May 2012, the fastest growth rate since November 2011.
Meanwhile, the number of mortgage approvals for house purchase in the first quarter of 2013 was 4% higher than last year’s monthly average.
Nationwide's Chief Economist Robert Gardner commented "With the UK returning to growth in the first quarter of 2013, the improvement in wider economic conditions may also be playing a role in boosting sentiment. Widespread expectations that the economy will continue to recover gradually in the quarters ahead, that interest rates will remain low, and the ongoing impact of policy measures aimed at supporting the availability and lowering the cost of credit, all provide reasons for optimism that activity will continue to gain momentum in the quarters ahead."
In the US, US economic data disappointed the market after weekly jobless claims and the revised growth rate for the first quarter were both below consensus estimates.
Data showed that the first-quarter reading of gross domestic product (GDP) growth was revised lower on Thursday by 10 basis points to 2.4% while a consensus of analysts had expected the preliminary estimate of 2.5% to remain unchanged. The downwards revision was due to automatic government spending cuts that went into effect, a process known as "sequestration".
Weekly unemployment claims also missed forecasts. For the week ending May 25th, a total of 354,000 initial claims were filed, a 10,000 increase from the previous week's upwardly revised reading of 344,000 (initially 340,000).
In the euro zone, the Italian Treasury was forced to pay the highest yield on 10-year sovereign bonds since last March as demand diminished amongst investors.
In the UK, data from the Nationwide suggest that UK house price growth continued to accelerate in May with the number of mortgage approvals also on the rise.
The Nationwide report that the price of a typical home increased by 0.4% in May and is 1.1% higher than in May 2012, the fastest growth rate since November 2011.
Meanwhile, the number of mortgage approvals for house purchase in the first quarter of 2013 was 4% higher than last year’s monthly average.
Nationwide's Chief Economist Robert Gardner commented "With the UK returning to growth in the first quarter of 2013, the improvement in wider economic conditions may also be playing a role in boosting sentiment. Widespread expectations that the economy will continue to recover gradually in the quarters ahead, that interest rates will remain low, and the ongoing impact of policy measures aimed at supporting the availability and lowering the cost of credit, all provide reasons for optimism that activity will continue to gain momentum in the quarters ahead."
In the US, US economic data disappointed the market after weekly jobless claims and the revised growth rate for the first quarter were both below consensus estimates.
Data showed that the first-quarter reading of gross domestic product (GDP) growth was revised lower on Thursday by 10 basis points to 2.4% while a consensus of analysts had expected the preliminary estimate of 2.5% to remain unchanged. The downwards revision was due to automatic government spending cuts that went into effect, a process known as "sequestration".
Weekly unemployment claims also missed forecasts. For the week ending May 25th, a total of 354,000 initial claims were filed, a 10,000 increase from the previous week's upwardly revised reading of 344,000 (initially 340,000).
In the euro zone, the Italian Treasury was forced to pay the highest yield on 10-year sovereign bonds since last March as demand diminished amongst investors.
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Source: moneytransfer.co.uk