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The Pound declined against the Euro while remaining relatively unchanged against the Dollar following weaker than expected economic news. Data showed that British mortgage approvals fell to a seven-month low in August and consumers unexpectedly paid back some of their debts suggesting the economic recovery was losing some of its momentum.

The Dollar declined against the Euro while remaining relatively unchanged against the Pound as the Dollar remains under pressure as sliding US Treasury yields and recent weaker than expected economic data fuelled expectations of quantitative easing. Data from the Mortgage Bankers Association reported its seasonally adjusted index of mortgage applications, which includes both purchases and refinance loans, dropped 0.8% last week despite record low interest rates.

The Euro made gains against the Pound and the Dollar yesterday buoyed by better than expected economic news from the Euro zone. A monthly European Commission survey showed economic sentiment in the region rose to 103.2 points in September, pointing to continued economic recovery in the third quarter. In a separate report, the European Commission reported its business climate indicator, which points to the phase of the economic cycle, rose to 0.77 in September defying analysts’ expectations of a fall to 0.58.

Data released 29.09.10

US 13.30 Q2 – GDP (Final Estimate)

US      13.30 Initial Jobless Claims (w/e 25th September)

US      14.45 Chicago PMI (September)