Forex: GBP/USD low so far today at 1.5065
_iNVEZZ.com Monday July 15th:_ Sterling has been trading lower against the US dollar today and the pair has dropped to a current intraday low at 1.5065.
The UK House Price Index for July on an annual and monthly basis was released earlier today by Rightmove. The price of newly marketed property increased by 0.3 percent to log the seventh monthly rise on the trot and two consecutive record months, in the process boosting year-on-year growth to 4.8 percent versus the 2.7 percent increase for June.
The positive reading indicates that measures by the Bank of England and the UK government to ease the supply of credit are stimulating demand for home ownership.
Rightmove observed that the housing market is showing a “broader-based recovery.” Director Miles Shipside said: “A combination of apparent economic stability internationally or at least, less widely-reported turmoil , and some signs of an economic upturn nationally mean more home movers are willing and able to increase their financial commitments. Barring a raft of bad economic news, we expect the positive impact of this on the property market to continue.”