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24 November

By Ahmed Mamdouh

Category: FX Graph

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UK mortgage approvals hit 13-month low in October

U.K. mortgage approvals hit the lowest level in 13 months in October, as investors remained cautious about economic prospects amid failure to reach Brexit deal with the EU.

Loans for house purchases retreated to 40,488 last month, the lowest since September 2016, compared to 41,576 in September. Analysts had predicted a drop to 40,900.

However, remortgages climbed to a 9-year peak of 34,000 in October amid BOE interest rate hike predications.

As of 11:44 GMT, the pound traded higher at $1.3308 from the session’s open at $1.3288, set for its third straight weekly advance.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.