Market insights

UK house prices crash - MI 010923

The Nationwide building society released its house price changes this morning. It was grim reading. Year on year figures show a -5.3% contraction and month on month -0.8%. It looks to be all about the Bank of England base rate at 5.25%. The upside is that the economic rhetoric is around this being near the low as it's expected the Bank of England might not raise rates much further.

The news didn't affect Pound rates however.

Turning to today it's the GBP/USD rate that needs to be watched. There's both average earnings in the States, and, more importantly, it's non farm payrolls day. Analysts are expecting monthly employment growth of 170,000 jobs just after lunch.

If that wasn't enough there's also manufacturing data out across the pond.

Anyone keen on the Canadian Dollar might want to view the GDP numbers out from Canada later. Economists are predicting quarter on quarter growth of 0.3%.

As you would expect the business news centres on the Nationwides data. Whilst the news might be welcome for first time buyers that's offset by soaring mortgage costs, so a bit of a double edged sword.

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Economic calendar

US: 13:30 Non Farm Payrolls

US: 13:30 Average Earnings

CAN: 13:30 GDP Data

US: 15:00 ISM Manufacturing Numbers

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