Release Explanation: Measures the change in the selling price of homes in U.K.

Trade Desk Thoughts: U.K. house prices fell by 8.6% from November 2007. The release was slightly lower than what analysts had predicted. The average price of a home stood at £199,732 in November 2008. U.K. house prices fell by 4.4% in the quarter ending November 2008. This compares with a fall of 3.6% for the quarter ending August 2008.

Annual average house prices paid by first time buyers in November 2008 were 11.8% lower than a year ago. By comparison, average house prices paid by former owner-occupiers were 7.4% lower.

Forex Technical Reaction: The pound fell nearly 200 pips during the overnight session, dropping for the third consecutive day. After the release, the pair dropped to TheLFB S2