Rational FX: UK Nationwide House Price Index to show steady MOM decrease [31/12/2010]

Yesterday’s Market Movers

• There was no data out for release in the UK or the Euro Zone.
• A big day for the USA however, Weekly Jobless Claims dropped to a 29 month low paving the way for consumers to gain confidence, however, with Holiday Trading effects, currency markets showed mixed results with the Dollar actually dropping against Emerging Market currencies.
• Chicago Purchasing Managers’ Index came in better than expected as a result of higher Durable Goods Orders and better employment.
• Pending Home Sales rose from a downwardly revised previous figure, this showed a massive turnaround. Even though sales are below normal levels, it shows that people are confident in buying homes again.
• This data from the USA will no doubt give traders food for thought on their return to the markets, as we kick off trading Tuesday 4th January.

Today’s Market Movers

• UK Nationwide House Price Index is expected to show a decrease month on month. Not to mention that it’s costing first time buyers £30,000 to get on the housing ladder.
• In the US we have the Treasury Currency Report, detailing any new developments in global exchange rate policies of the USA’s trading partners; no doubt China will be mentioned.