The pound is trading around the same levels against the euro and the dollar this morning, despite housing data that was released earlier today.
The data shows that annual house price growth slowed slightly in May. This has been attributed to the cost-of-living crisis and experts predict that this trend will continue in the coming months.
However, house prices are still rising and are 11.2% higher than they were a year ago. The average price of a UK home is now at a record high of £269,914.
It was revealed yesterday that eurozone inflation increased to 8.1% in May, a record high and above market forecasts. This has fuelled expectations that the European Central Bank will hike interest rates in July.
In the US, President Biden met with Federal Reserve Chair, Jerome Powell yesterday to discuss rising inflation.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
