The GBP/USD pair is attempting to recover from yesterday’s fall, although the statistics are clearly not on the side of the pound.
On Tuesday, the British Pound is attempting to recover from the sales of the start of the week. The current quotation of the GBP/USD pair is 1.5165. Yesterday the pound came under significant pressure from the US dollar, despite the generally stable Monday and unimpressive US macroeconomic reports.
Today Halifax released data on real estate prices in the UK. According to the report, the cost of housing in September fell by 0.9% against growth of 2.7% in August. The forecast calls for strengthening this time by 0.1%. In general, the fall of the indicator now looks logical: the August jump in housing prices was the most significant for fifteen months, and it is logical that it will be followed by a palpable correction.
For the three months ending in September, the British housing prices have increased by 2% q/q. Yearly the index added 8.6% with the growth forecast at 9%.
Halifax said that the price increase is based on objective factors - increased demand. If so, then we can count on a revival of inflation in the UK in November, as it has a pending character. It is good for the implementation of the plans of the Bank of England for the revision of the interest rate in the country.
RoboForex Analytical Department
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