Matthew Hassan, analyst at Westpac, suggests that Australia’s August housing finance approvals update was a mixed bag with the number of owner occupier loan approvals undershooting expectations but another strong gain in the total value of investor loans.“The big picture is still of a clear lift in finance activity since mid year – boosted by interest rate cuts and the reduced uncertainty around tax policy following the Federal election – but the mix is pointing to more evenly spread gains across owner occupiers and investors.”“The number of owner occupier loans rose 0.7% in the month, considerably softer than the consensus forecast of a 2.3% gain but following a robust 4.4% increase in July and broadly consistent with a consolidating upturn. Approvals are down –5.1%yr but have now risen 5.9% from their April low.”“The value of investor loans posted a much stronger 5.7% gain in the month following a 4.2% rise in July to be up over 10% in just two months, albeit still 13% below the levels seen a year ago.”“The total value of owner occupier and investor loans rose 2.9%mth, –5%yr.”“Overall, the picture from finance approvals is consistent with the upturn in auction market activity, prices and turnover and looks likely to carry into the months ahead. The main note from today’s data is that the turnaround is being driven by both owner occupiers and investors – although the latter is coming from a much weaker starting point having been the main driver of the preceding downturn.”Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .

Here is what you need to know on Thursday, October 10:Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .

CME Group’s flash data for GBP futures markets noted investors scaled back their open interest positions by nearly 1.1K contracts on Wednesday. In the same line, volume went down by around 13.6K contracts.Cable ’s daily pullback on Wednesday was in tandem with shrinking open interest and volume, opening the door for a potential squeeze higher in the very near term. Recent lows in the 1.2200 neighbourhood, in the meantime, have emerged as a strong support.Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .

Cable is still expected to resume the downside and drop to the 1.2140 region in the short-term horizon, suggested FX Strategists at UOB Group.24-hour view: “Instead of “weaken further”, GBP spiked to 1.2292 before dropping back quickly to end the day largely unchanged at 1.2205 (-0.09%). While downward pressure has eased, there is scope for GBP to drift lower to 1.2180. For today, a sustained decline below this level is unlikely. Resistance is at 1.2250 followed by 1.2275. The high near 1.2290 is likely ‘safe’ for today”.Next 1-3 weeks: “The sudden lurch lower and the ease by which GBP cracked the 01 Oct low of 1.2205 came as a surprise (overnight low of 1.2195). The price action indicates that the sideway-trading phase that started last Friday (04 Oct, spot at 1.2335) ended sooner than expected. From here, GBP is expected to trade with a downward bias towards 1.2140. At this stage, it is too early to expect a sustained decline below this level (momentum is not as strong as preferred). All in, GBP is expected to stay under pressure unless it can move above the ‘strong resistance’ level of 1.2300”.Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .