The pound is trading around the same levels against the euro and the dollar this morning.
UK economic data on nationwide housing prices was released this morning. The Nationwide House Price Index increased 11.2% year-on-year in May, beating expectations of 10.5%. However, this is lower than April’s figure of 12.1%, showing that price growth has slowed slightly over the last month.
Yesterday, data from the Bank of England revealed that the number of mortgages approved in the UK sank to its lowest since June 2020, which is potentially a sign that the housing market is cooling.
The last UK data release of the week will be manufacturing PMI figures for May, which will indicate how the sector performed last month.
