UK Housing Prices Surge Amid Eurozone Concerns
Early data from the Eurozone indicated that retail sales were down by 0.6% year over year in April, compared to the previous month’s 0.3%, indicating a cooling down in consumer spending and raising concerns over the economic momentum in the region.
UK Housing Surges
In the UK, the Nationwide Housing Prices for May surprised on an increase of 0.4%, handily above the forecasted 0.1% and rebounding from the previous month’s -0.4%.
UK Housing Surges
Later today, the markets will also be closely watching the Eurozone’s Harmonized Index of Consumer Prices for May, with expectations at 2.5%, slightly higher than April’s 2.4%.
UK Housing Surges
In the afternoon, the U.S. is scheduled to report its Core Personal Consumption Expenditures Price Index for April, expected at 0.3% as in the previous month.
UK Housing Surges
The GBP/USD pair is moving cautiously in the market uncertainty, with traders being on their heels in anticipation of the U.S. core Personal Consumption Expenditure (PCE) Price Index for April, expected at 12:30 GMT. Currently, the pair trades a bit up around the 1.2720 mark in the early Friday trading. The pair opened at 1.2729, reached a high at 1.2734, and a low at 1.2713.