Rise in British house prices sends GBP/USD higher [Video]
|On Wednesday, house prices in the United Kingdom rose by their most in 15 years, after falling
in July.
Data released by British mortgage lender Nationwide showed that house prices increased by
2.1% from July to August, with analysts forecasting a 0.2% rise.
The drop in property prices in July of 0.6% was attributed to the completion of a year-long break
of stamp duty for the first £500,000 of a house purchase.
However as the UK has now fully re-opened its economy it was shown that last month’s
property prices were 11.0% higher than in 2020.
The FTSE 100 climbed by 0.42%, whilst GBPUSD hit an intraday high of 1.3798
Oil prices drop, OPEC+ maintains supply output
Oil prices were lower in today’s trading session as OPEC and its allies, which include Russia
opted to maintain output.
The cartel chose to maintain the current level of supply, as markets continue to monitor the
spread of the Delta variant, and the potential impacts it could have on demand.
This month will see OPEC+ continue to add 400,000 barrels per day in supply to markets, as
agreed in July.
In a statement following the decision, the group stated, "While the effects of the COVID-19
pandemic continue to cast some uncertainty, market fundamentals have strengthened and
OECD stocks continue to fall as the recovery accelerates".
WTI crude fell to an intraday low of $68.44 as a result of the decision.
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