U.K Loan Approvals for House Purchases Drop to More Than a Year Low - 27.6.2012

U.K Mortgage Approvals fell to 30,200 in May from a revised April's figure of 32,103, the 30,200 in May is the lowest level since April 2011, the British Banker’s Association said today. The latter shows that demand for home loans is falling due to worsening economic outlook in the EU and the U.K. The Bank of England next week will release its Monetary Policy Statement and there is increasing speculation that it will increase its Asset Purchase Program as Inflation dropped and economists expect June Retail Sales to fall. The British pound lost ground at recent trading against the Euro, the currency pair, EURGBP, bounced up from the support level at 0.7984 that was trading earlier today to 0.8002, it was lastly seen at 0.7997.