Headline beats expections
- Change in the selling price of homes with mortgages backed by Nationwide
- This is the UK's second earliest report on housing inflation
- It's a leading indicator of the housing industry's health because rising house prices attract investors and spur industry activity
- Decent beat of expectations
- Highest reading since February
While we're here, I'll take it as an opportunity to take an initial look at GBP/USD as we head into FOMC later and then the BoE tomorrow:
Higher time frame:
- Above daily support zone
- No higher low or high printed to confirm
Intraday:
- The higher low has come on the intraday as it retested previous short term resistance turned support
- But no momentum in the move and it's all but given it back now