Pound Starts Week Soft Despite Record House Prices

The Great Britain pound has started this week on a weak footing despite very good housing data that showed record growth of home prices. It looks like the traders’ sentiment was not in favor of currencies that are perceived to be relatively risky.
The Rightmove House Price Index rose 3.6 percent in May instead of growing by 2.6 percent as was predicted. The report said that it was “the largest ever rise recorded at this time of year and another new all-time high”. Yet the sterling failed to rally against the dollar (though GBP/USD is currently attempting to rise) and fell versus the Japanese yen.
GBP/USD traded at 1.6820 as of 9:58 GMT today, not far from the opening level of 1.6814. GBP/JPY fell from 170.73 to 170.13.

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