UK Housing Market Looks Good, Beneficial for Sterling

The Great Britain pound ticked up today as a report confirmed that Britain’s housing sector continues to expand, albeit with slower pace. The sterling was heading for a third straight session of gains against the Japanese yen, but has retreated at the present time.
The Nationwide House Price Index rose 0.7 percent in January, matching analysts’ expectations. The increase followed the 1.4 percent growth in the previous month. The data supported the general positive mood on the Forex market, but traders are a bit nervous ahead of today’s monetary policy announcement from the US Federal Reserve.
GBP/USD rose from 1.6578 to 1.6584 as of 9:38 GMT today. GBP/JPY traded at 170.55 after rising from 170.63 to 171.44.

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