Trade Desk Thoughts - U.K. Rightmove House Prices

U.K. Rightmove House Prices Actual -1.0%, Previous -2.3%

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 came in lower by 1 percent, for the year prices came in lower by 3.3 percent. This is the fourth straight month of loses as the credit crisis intensifies on a global scale. The average home price fell to 227,438 pounds. Housing data from the Royal Institution of Chartered Surveyors state that prices have fallen by the most in at least the past two decades.

Forex Technical Reaction: Since this is not a top tier release, and most trade desks haven’t even opened up shop yet, this release has done little to move the Great British Pound.

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