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U.K. Nationwide HPI Actual 1.2%, Expected -0.9%, Previous -0.3% (Revised from -0.4%)
Release Explanation: An economic indicator that measures sales of newly built and existing homes. The release includes both quantity and price statistics. “The House Price Index and Home Loans cover each region’s house valuations and the amount of Mortgage/Lending being made on them,” TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: U.K. house prices rose unexpected in May, being the second increase in the last three moths. The average price for a U.K. house in May reached £ 154,016, up 1.2% from April. The annual rate of decline is now standing at -11.3%, from -15.0% in April. Despite this, TheLFB-Forex.com Trade Team believes the bottom in the housing market has not been hit, even though some improvements have been seen in the last few months.
Forex Technical Reaction: The pound gained 60 pips ahead of the release, now trading just under TheLFB R1 (1.6015)
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