Yesterday the pound continued to sink against the euro, reaching a low of 1.15 at 15:40pm following fears over the global economy. Today, the pound makes a slight recovery from where it fell yesterday but is still at a low against the euro. This follows the latest housing prices YoY data. Against the dollar, sterling has weakened.
Nationwide housing prices for Aug YoY were announced this morning revealing the UK house price index has risen to 10%, above market expectations of 9.4% .Nationwide’s Chief economist said they “continue to expect the market to slow” following increasing “pressure on household budgets” in the coming quarters and with inflation set to “reach double digits” towards the end of 2022.
