Forex forecast: How will Nationwide HPI affect GBP/USD?

ForexNewsNow | Published on April 28, 2010 at 1:10 pm

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NEW YORK (Forex News Now) – The Nationwide building society is due to publish its monthly U.K. house price index on Thursday, in one of the day’s spotlight forex news events.

The reading has been forecasted to come in at 0.4 percent, according to two major forex news outlets. This would be almost half the previous reading of 0.7 percent.

The building society is scheduled to publish the data at 6:00 A.M. GMT; as such, the key gauge of the U.K. housing market’s health is likely to dominate late Asian currency trading.

Given the current FX Info, a better-than-expected result could lift GBP/USD toward resistance at the high of April 15, 1.5523. Bearing in mind the violent nature of Tuesday’s losses, however, a modest gain is more likely.

A worse-than-expected result, on the other hand, could very well force the currency pair further down, toward key support around the low of March 1, 1.4701. In any event, the index is likely to help set the tone of the rest of the day’s.


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