The Nationwide Building Society released it's house price change this morning.
Month on month there was a 0.7% gain against an expected 0.1% gain.
This may have contributed to a recovery back to the upside for GBP/EUR.
The reason for this is that it potentially takes the pressure off the Bank of England to reduce interest rates. If the base rate, which underpins mortgage rates, isn't affecting house price growth then why change it.
Today sees some critical data for the markets.
First there's German GDP out where the expectation is for annualised growth of 3.3%.
However the big one is early evening when the FED releases its interest rate decision for the US. No change at 5.5% is expected. Anything either side of that will cause strong shockwaves in global markets....however no change could just be a storm in a teacup.
In the early hours of tomorrow there's some Chinese manufacturing data out before a massive day of scheduled data. Be prepared.
Business news centres on the ongoing industrial action on the railways.
GER: 13:00 Inflation Report
US: 18:00 Interest Rate Decision
US: 18:30 FOMC Press Conference
As ever we look forward to keeping you in the loop and look out for our next update.
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