U.K. RICS House Price Balance

Actual -83.9%, Expected -90%, Previous -88%

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: The housing market in the U.K. is remaining weak in July according to the latest release from the Royal Institute of Chartered Surveyors. The survey showed a reading of 83.9 percent of the surveyors reported house prices were falling instead of rising. This is a slim improvement over the 86.9 percent rate seen in June. The housing market could see further setbacks if the U.K. government does not clarify their position on whether or not it plans to suspend stamp duty on home purchases stated a spokesman for RICS.

Forex Technical Reaction: The pound has had little reaction in response to this news release

The LFB-Forex.com