Sterling strengthened yesterday, following the release of strong consumer lending data from the Bank of England. According to the latest Bank of England figures, total UK lending to individuals increased to £4.9bn for October, from £4.7bn the previous month, and was slightly above market expectations of £4.8bn. There was an increase in mortgage approvals for house purchases to 67,518 for October, from 63,594 previously. This was the strongest figure since March , and above the six-month average.
There was also a slightly stronger rate of increase in consumer credit, at £1.6bn for the month, up from £1.5bn previously. The data will maintain expectations of strong consumer spending in the short-term.
The U.S. economy expanded more than initially thought in the third quarter, in its best performance in two years, buoyed by strong household spending.
Gross domestic product rose at a 3.2 percent annualized rate, compared to the previously reported 2.9 percent pace, the Commerce Department figures showed yesterday. Growth was the strongest since the third quarter of 2014, and followed on from the second quarter's 1.4 percent pace. These figures are likely to reinforce expectations for the Federal Reserve to raise the benchmark interest rate in December, with inflation getting closer to the central bank’s goal.
US consumer confidence increased more than expected in November, boosting further optimism over the health the U.S. economy, industry data showed on Tuesday. In a report, the Conference Board (a market research group) said that its index of consumer confidence rose to 107.1 this month from a reading of 100.8 in October. The October figure was revised from a previously reported 98.6.
All Day : OPEC meetings
12:30 – EUR : ECB President Draghi Speaks
13:15 – USD : ADP Non-Farm Employment Change, expected at 161K against a previous of 147K
15:30 – USD : Crude Oil Inventories