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UK Weekly Commentary - 27 July 2020

UK weekly commentary from Awa Brokers covering highlights, what we’re thinking about the markets and what your clients may be asking this week.


What we think

Despite an increase in mortgage lending, mortgage approvals and new consumer credit, house prices fell by 0.1% in June. However, the CBI Distributive Trades Survey is optimistic as retailers reported an increase in sales.

Week ahead

CBI DistributiveTrades Survey (Jul) – The Confederation of British Industry (CBI) DistributiveTrades Survey (DTS) was 4, better than the forecast of -25. An indication wellbeing of the retail sector improved.     


BRC Shop Price Index (YoY) – Retail prices fell by 1.3% YoY, from -1.6% as of July 01.  


BoE ConsumerCredit (Jun) – The amount borrowed by the UK personal sector to finance current expenditure on goods and services is fell by 0.086B, less than the amount borrowed in May.


M4 Money Supply(MoM) (Jun) - The total quantity of money circulating within the United Kingdom rose by 1.0%, from 2.0% in May.


Mortgage Approvals (Jun) – The number of new mortgages approved for house purchases rose by 9.27K in May, from 15.85K in April, and increased by 40.01K in June.


Mortgage Lending(Jun) - Net lending secured on dwellings rose by 1.22B in May, from 0.29B in April, and increased by 1.89B in June.


Net Lending to Individuals - New credit extended to consumers fell by 3.4B in June, but rebounded by 1.8B in July.


Nationwide HPI(YoY) – House prices fell by 0.1% YoY in June and are forecast to decline by 0.3%in July.


Nationwide HPI(MoM) - The selling price of homes with mortgages backed by Nationwide fell by 1.4%in June, and is forecast to decline by 0.1% in July.


CFTC GBP speculative net positions - The Commodity Futures Trading Commission's Commitments of Traders fell by 18.5K in June and reached a low of -21.0K


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