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Could Sterling receive a boost from improved house prices?

business-articlesCould Sterling receive a boost from improved house prices?
  • Halifax house prices increase to boost Sterling?

  • Declining Eurozone business climate to weigh on euro

  • Are Americans losing their appetite for spending beyond their means?

Improved house prices to benefit pound?

Any sign of significant growth in house prices for November could see Sterling make up some ground this morning after the pound rose to a one-week high as traders prepared for Parliament to return from recess.

With today being the day Parliament returns from recess it seems likely that focus will return to Brexit, as negotiations are set to continue with the date of the vote set for 15 January.

Today’s Halifax house price index forecasts suggests there will have been a slight rise in prices, which could prove beneficial to Sterling.

Eurozone business climate to dampen euro?

The euro rallied against the dollar over the course of yesterday’s session, as it was able to take advantage of the current weakness, as well as benefit from some better-than-expected retail sales figures.

The business climate figure for December is due to be released this morning, which could see the euro suffer against major currency pairings.

Consumer credit change to continue to weaken USD?

The US Dollar remained weak over the course of the session yesterday, as changing global risk sentiment caused investors to pull out of the safe-haven USD, and jump into riskier currencies.

December’s ISM non-manufacturing PMI was released yesterday afternoon, with the figure showing a worse-than-expected fall from the previous 60.7 to 57.6, which caused USD to fall further against most of the major currency pairings.

US consumer credit change for November is to be released later this evening, with forecasts suggesting that this figure is going to drop from $25.38bn to $18bn.

This drop could indicate Americans have lost their appetite for spending beyond their means, which could prove to be bearish for the US dollar.

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Tuesday 8th January 2019 
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Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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