Market insights

UK house prices drop sharply - Market Insight 1st August 2023

The early hours of this morning saw the Nationwide release its housing prices. They reported annualised contraction of -3.8% and month on month contraction of -0.3%. Further evidence that increased interest rates could be affecting the housing market.

In other news the Reserve Bank of Australia didn't hike their interest rate. This meant the Australian Dollar tumbled versus the Pound meaning it could be a good time to buy Australian Dollars ahead of the UK's interest rate decision on Thursday.

GBP/EUR remains in a sideways pattern, and besides Eurozone unemployment numbers later that's likely to remain the case until Super Thursday. Analysts are expecting the rate to remain at 6.5%.

GBP/USD is similar however there's strong US data out later in the form of manufacturing data.

The New Zealand Dollar will be under the spotlight later when they announce their unemployment rate just before midnight UK time.

Business news centres on the house price situation.

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Economic calendar

EUR: 10:00 Unemployment Rate

US: 15:00 ISM Manufacturing PMI

NZ: 23:45 Unemployment Rate

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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