020 7898 0500The only release of note from the UK yesterday was the Halifax house price index. On a monthly basis, the figures released showed that prices increased by 1.5% in March which was much stronger than the 0.2% analysts had forecast. Year-on-year, prices increased by 2.7% which was better than market expectations of 2.1%.
Sterling strengthened against the dollar and pushed through the $1.4100 barrier. It remains to be seen whether the pound can continue strengthening or whether it will meet resistance as it has done around this level in recent times. There has been a level of volatility between the pound and dollar throughout 2018 and you do have to wonder when the next big move will come and if/when it does, in what direction it will be.
Today the Bank of England’s Andy Haldane will give a speech but it is otherwise quiet. Tomorrow we will see the balance of trade for February, as well as the industrial, manufacturing and construction output figures.
