Trade Desk Thoughts - UK Rightmove HPI

UK Rightmove HPI Actual -2.3%, Previous -2.9%

Release Explanation: This is the UK's earliest report on housing inflation and a leading indicator of the housing industry's health.

Trade Desk Thoughts: Although housing prices declined in December, the rate was slower than in November The index registered a month-on-month decline of 2.3 percent, while the index was 6.3 percent lower than one year earlier.

While still moving lower, both indices improved from the record declines of 2.9 percent on month and 7.1 percent on year in November. While more buyers appear to be returning to the housing market, final agreed sale prices have been as much as 25 percent below those seen at the 2008 market peak.

Further, the average time to sell a home has risen to 95 days in December from 94 days in November.

Forex Technical Reaction: GBPUSD jumped up 50 pips in an ongoing move higher.

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