Pound Falls with Mortgage Approvals

The Great Britain pound fell against the Japanese yen and erased its gains versus the US dollar today after the report showed that the banks approved less home loans in November than in the month before.
British Bankers’ Association reported that the number of the mortgage approvals was 34,700 in November, compared to 35,200 in October. Market analysts were optimistic before the report and hoped for an increase to 36,300. The FTSE 100 Index of stocks added 0.5 percent ahead of the report on the optimism.
GBP/USD traded at 1.5668 as of 10:07 GMT today after climbing from 1.5676 to 1.5706. GBP/JPY dropped from 122.52 down to 122.27.

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