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Pound Sterling Softens on Easing Expectations, Lower House Prices

Pound Sterling Softens on Easing Expectations, Lower House Prices

2011-10-16 03:32:00
David Liu, Technical Strategist
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THE TAKEAWAY: Longer term house prices grow slower > Decreases rate hike expectations, BoE continues easing > Pound weakens

The Sterling continued softening against the greenback following last week’s unexpected GBP75 billion increase in the Bank of England’s asset purchase program. Lower than previous housing prices in October’s Rightmove survey suggest a continued road of easing.

EVENT

ACT

EXP

PREV

Rightmove House Prices (YoY)

2.8%

-

0.7%

Rightmove House Prices (MoM)

1.2%

-

1.5%

The pound continued to soften into early Asian session trading as risk appetite continued to pull price action. Despite higher Asian markets and US equity futures, traders are keeping in mind the Bank of England’s rhetoric to continue easier monetary policy. Pressure is continuing on the sterling as safe haven flows continue to flow towards the dollar.

Pound_Sterling_Softens_on_Easing_Expectations_body_Picture_4.png, Pound Sterling Softens on Easing Expectations, Lower House Prices

GBPUSD 5 minute chart; vertical line indicates time of data release.

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