Release Explanation: This report gauges the costs of homes in the United Kingdom. The figure is based on surveyors' opinions on the state of the market, calculated as is the percent of surveyors reporting a rise in prices minus those reporting a fall. A fall in house prices indicates a weak housing market, which generally reflects a weakening overall economy.

Trade Desk Thoughts: The Rightmove house price index for the month increased to 0.9 percent, month over month, to an average asking price of 218,081 pounds in March. This follows a 1.2 percent increase seen during January. On an annualized basis, house prices have come down 9.0 percent, which is slightly lower than the 9.1 percent seen during February.

Forex Technical Reaction: After starting the new trading week with a 45 pip gap the pair then fell an additional 60 pips before recovering to the open price at 1.3966.