Latest data released by the BOE - 29 October 2019
- Prior 65.5k; revised to 65.7k
- Net consumer credit £0.8 billion vs £0.9 billion expected
- Prior £0.9 billion; revised to £1.0 billion
Despite the uptick in mortgage activity, the devil lies in the details as consumer credit seen slowing to +6.0% y/y with the August reading revised to +6.1% y/y. That means that consumer credit growth has slowed down to its weakest pace since July 2014.
That doesn't imply that the economy is firing on all cylinders and is another symptom of Brexit uncertainty. Cable stays weaker on the day at 1.2814 currently as the pound remains weak amid a firmer dollar as well.
