Guardian Stockbrokers Key Economic News Thursday 30 July 2020

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.

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UK net consumer credit fell less than expected in June

In the UK, net consumer credit dropped by £0.10 billion in June, compared to a revised drop of £4.50 billion in the prior month. Markets were expecting net consumer credit to ease £2.00 billion.

UK number of mortgage approvals for house purchases climbed more than expected in June

In the UK, number of mortgage approvals for house purchases climbed to 40.00 K in June, compared to a level of 9.30 K in the prior month. Markets were expecting the number of mortgage approvals to record a rise to 33.90 K.

Fed keeps key interest rate steady

The US Fed, in its latest monetary policy decision, held its benchmark interest rate unchanged in a range between 0%-0.25%, as widely expected. Further, the Federal Open Market reiterated that it remains committed to using its full range of tools to support the US economy and pledged to keep rates low as long as it takes to recover from the pandemic. Meanwhile, Fed Chairman, Jerome Powell, stated that a full economic recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities.

US pending home sales climbed more than expected in June

In the US, pending home sales registered a rise of 16.60% on a MoM basis in June, compared to a surge of 44.30% in the previous month. Markets were expecting pending home sales to record an advance of 15.00%.

US advance goods trade deficit narrowed in June

In the US, advance goods trade deficit narrowed to $70.64 billion in June, compared to a revised deficit of $75.26 billion in the prior month.

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