29 September 2004, 12:42  Sterling inches down after UK data

Sterling eased slightly on Wednesday after data showing UK growth unrevised at 0.9 percent in the second quarter, and the rise in mortgage lending in August at its weakest in a year. The GDP data crushed last-minute expectations for a rise in the final reading for second quarter UK growth. The Bank of England said lending secured on dwellings rose by 8.386 billion pounds in August compared with an increase of 8.743 billion in July. The number of new mortgage approvals, loans agreed but not made, fell for the third straight month in August. Sterling was trading at $1.8090 at 0837 GMT, from $1.8104 before the data releases. It was at 68.08 pence per euro , from 68.04 before the data. The GfK consumer confidence survey for September is due at 0930 GMT, forecast to show a dip to -6, after hitting an eight-month low of -5 in August. The CBI distributive trades survey for September at 1000 GMT is expected to show a positive balance of 15, from +2 in August.///

© 1999-2024 Forex EuroClub
All rights reserved