Pound Falls as UK Mortgage Approvals Declined in September

The Great Britain pound fell today against the Japanese yen after report showed the number of the mortgage approval decreased more than expected. The pound gained against the US dollar, which fell against all other currencies.
The number of new mortgages approved for home purchase during the September was 31,104, compared to the August value of 31,781. The analysts expected the value near 31,600. The analysts also expect the house prices to continue their decline.
The bad economic reports may spur the Bank of England to perform the quantitative easing sooner than anticipated. The preliminary GDP report tomorrow should provide more evidences to support such outlook if the GDP declined as the analysts estimated.
GBP/USD rose from 1.5663 to 1.5710 today as of 22:20 GMT, following the jump to 1.5771. GBP/JPY fell from 127.44 to 126.88 after it reached the intraday low level of 126.45.
If you want to comment on the Great Britain pound’s recent action or have any questions regarding this currency, please, feel free to reply below.

Posted in: Pakistani News,World News