Trade Desk Thoughts - U.K. Nationwide HPI

U.K. Nationwide HPI m/m Actual -1.9%, Expected -1.5%, Previous -1.7%

Release Explanation: An economic indicator that measures sales of newly built and existing homes. (Released by the U.S. Department of Commerce's Census Bureau in the US). They 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.

Trade Desk Thoughts: U.K House prices continued to decline in August, coming in at -1.9% the release shows. The released number is lower than the analyst expectations of -1.5%, while the previous released number was left unrevised at -1.7% to Houses prices have declined in the U.K. for ten consecutive months, being affected by a weak housing market and high mortgage rates.

Forex Technical Reaction: The cable had a surprisingly weak initial reaction to the news release, moving higher by approximately 10 pips. Since the Asian session had started, the pair has traded sideways and remains virtually unchanged.

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