Release Explanation:  This report gauges the costs of homes in the United Kingdom. The figure is based on opinions of the state of the market and is calculated as a percentage of surveyors reporting a rise in prices minus those that are reporting a fall. Rising house prices indicate a strong housing market, which usually relates to a strong overall economy.
Trade Desk Thoughts: In the United Kingdom, house prices again took a fall according to the Royal Institute of Chartered Surveyors. The report has shown that 76.3 percent of surveyors reported a decline rather than a rise in house price in January. This is worse than the expected 72.0 percent analysts had been expecting. This is the lowest level for the index since at least 1978 and will likely get worse before it gets better. On the bright side, enquries by new buyers has seen an increase for the third month in a row.
Forex Technical Reaction: There is quite a bit of volatility seen on the majors this evening, not from this release, but the proposed stimulus package due out of the U.S. The cable has found some support at the neutral pivot point after dropping 40 pips from the opening price.