UK Consumer Borrowing and Mortgage Lending Rise in May

Britain’s consumer borrowing and mortgage lending gathered momentum last month, suggesting economic growth will beat a weak start to 2017 as the Bank of England considers when to start to raise interest rates.

BoE data on Thursday showed growth in unsecured consumer borrowing picked up to 10.2 percent on an annualised basis in the three months to May from April’s 9.7 percent, its joint highest reading since November.

BoE Governor Mark Carney said on Wednesday that the central bank would discuss over the coming months when to start to raise interest rates from their current record low, prompting markets to bring forward bets on when rates will rise.

Economic data has been mixed so far this quarter, but Thursday’s figures exceeded expectations.

Reuters

EUR and GBP Extend Gains on Tightening Prospect

EUR/USD – Euro Hits 14 Month Highs on Draghi Remarks

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.