Technicals

FXstreet.com (Barcelona) - M4 money supply has increased in June well above expectations in the UK, and above the average flow of the previous six months, according to preliminary estimates by the Bank of England.

In June, M4 money supply has risen by GBP 34.1 billion, a 2.0% increase above May's level and a 11.5% rise year on year: Market analysts had advanced a 0.5% monthly increase, and a 10% rise year on year. June's level is well below the GBP 13.6 billion average increase in the last six months.

M4 lending rose by 45.9 billion, which means a 2.1% seasonally adjusted. Year on year, M4 lending rose 13.6%, from a 11.3% increase in may. Excluding the effects of securitisations etc and loan transfers, M4 rose by GBP 50.0 billion; a 14.2% increase on the year, up from the 12.4% annual rise posted in May.