Sterling drops after Halifax HPI report

Wednesday, 7 September 2011 12:02

Britain's House Prices (Halifax HPI) were released earlier today.  The news was significantly lower than economists' expectations.  The House Price Index dropped by -0.2% in August, while it was forecasted to remain positive and grow from July's 0.2% to 0.5%.

GBPUSD rose a little before the news, over the line of 1.60, then dropped in time of the news release from 1.6013 to 1.5973 very fast. 

Sterling recovered against the U.S Dollar, currently trading up at 1.6008, after reaching a session high of 1.6037.

U.K Factory Production was also released at 0.1% as expected.