The rise of August US MBA mortgage applications by 5.6 after declining in July by 3.5% could tackle the falling of the equities markets after a massive selling in the asian session for a while. The pressure on the equities market has started with last week dovish consuming data of US and the declines have continued this week before finding support yesterday after 2 days of massive selling in the stocks markets but this falling which has been triggered after the release of August University of Michigan Consumer Confidence preliminary reading last Friday which was expected to get better to 68 from 66 in July and it has come down to 63 and these data came a day after the weak US retails sales figures of July which have shown a broadly monthly falling by -.1% and the market was waiting for rising by .3% of this broad figure and the core figure excluding the auto sales which have fallen by -.6% is looking getting momentum back again with a strong dovish asian sentiment affecting negatively on the investors' risk apitite which has not found support from the weak US housing data of July as the US housing starts of July came down by .1% m/m after increasing by 3.6% in June and also the building permits came down by 1.8% in July after rising by 10% in June.

The cable which was already depressed by the flattering of the investor's risk appitite has been hit today by the release of the MPC minutes of its recent meeting when it has surprized the market by adding further 50b stg to its 125b stg stimulation quantitive easing plan to make the gross 175b decision as the decision which was expected to be unanimouesly was split between 6 members to add 50b stg and 3 members to add 75b stg and one of them was king himself referring to the possibility of a public confidence damage in the recovery which can flatter it suggesting that the inflation could be under the BOE target for a sustained period. The minutes release were dovish enough to give the investors a good reason to drive the british pound lower across the broad again.