A shocking 48 of 49 economists in a British Chambers of Commerce survey predict the Bank of England will keep Interest rates on hold at the policy meeting on Thursday, due to the threat of recession so much stronger than inflation and inflation fear. An index based on a survey of 4,758 services companies fell to minus 2, the lowest since 1992, from 17 Another index tracking factories declined to minus 3 from 12, the least since the end of 2001.
Market News reports that something named Communities and Local Government reported UK house prices down by 0.3 percent m/m in May but still up 3.7 percent y/y. This means other surveys are overstating the house price decline. Nationwide and Halifax have a 2.5 percent m/m drop in May and 4.1 percent drop in the year.
The CLG house price index is based on a sample of completed house sales (about 50,000 per month) from about 60 mortgage lenders, providing a comprehensive and reliable assessment of house price developments.
However, the survey may not reflect the sharp falls in house market activity which has occurred since last August because of the drying up of the mortgage market.
Huh?
Full story at Rockefeller Treasury Services
Pound US Dollar traded a high of 1.9829 and a low of 1.9647
Euros to Pounds traded a high of 0.756 and a low of 0.7901
Pound to Australian dollar traded a high of 2.0705 to 2.0539.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment