UK RICS House Price Balance (GBP/JPY)
Written November 9, 2009 at 7:19 PM EST by Alex Chernomordin
The UK’s House Price Index came in stronger than expected for October at 34% vs. the estimate of 28% and the prior reading of 22% (revised lower 21%,) hitting a 3-year high. The BRC Retail Sales Monitor was also better than the prior month at +3.8% vs. 2.8% the prior month.
On the GBP/JPY chart below which is capturing yesterday’s move, we see the pair has hit the 50% retracement on this positive report and trying to push through ahead of the Nikkei open and Asian trading.
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