The pound climbed higher yesterday after figures showed Britain's economy grew faster than expected in the third quarter this year. Preliminary data from the Office for National Statistics said that GDP grew by 0.4% in the third quarter of 2017, above expectations of 0.3% growth. The economy grew by 1.5% in year-over-year terms that quarter, above expectations of 1.4%
British banks reported on Wednesday that they approved 7 percent more mortgages for house purchases last month than they had in September 2016, and that momentum in the housing market was recovering. Banks approved 41,584 mortgages on a seasonally adjusted basis in September, down slightly from 41,762 in August but up from 37,593 a year earlier, when demand was weak in the aftermath of the Brexit vote.
The UK government has said that it wants to outline an agreement with the European Union by the first quarter of 2018 on the transitional arrangements that will apply temporarily after it leaves the bloc. Theresa May is seeking an implementation period of two years following Britain’s departure from the EU in March 2019, with the UK’s access to the EU single market staying largely unchanged while new arrangements are put in place.
New orders for U.S capital goods increased by more than expected in September and shipments rose for an eighth straight month, suggesting business spending on equipment remained robust in the third quarter. Strong business spending on equipment is helping to support manufacturing, which accounts for about 12 percent of the U.S. economy.
Last month, orders for computers and electronic products increased 1.6 percent following on from a rise of 1.8 percent in August.. Orders for machinery, primary metals and electrical equipment, appliances and components fell. Overall orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, were up 2.2 percent last month amid a 5.1 percent rise in demand for transportation equipment. Durable goods orders increased 2.0 percent in August.
12:45 - EUR: ECB interest Rate decision expected to remain unchanged at 0%
13:30 - EUR: ECB Monetary Policy Statement and press conference
13:30- USD: US Initial and Continuing Jobless Claims