Cable is trading a little firmer from where it closed out in North America Monday, up at 1.6620 from around 1.6575.
The pairing has garnered some support from good housing data. RICS August read came in at 10.7 from -5.7 in July, the first positive reading since May 2007.
Interesting to read comments from the RICS chief economist who opined “It’s fair to say that a lack of supply is driving the rise in house prices” adding “it would be foolish to believe prices are going to go up in a straight line.” The economist feels 2010 will be a more “difficult year.”
UK data due today:
08:30 GMT: UK CPI August expected +0.3% m/m, +1.4% y/y. Core +1.6% y/y
08:30 GMT: UK RPI August expected +0.2% m/m, -1.4% y/y Index 213.8
08:30 GMT: UK DCLG house prices July expected -9.5% y/y
Technical support 1.6575/80, resistances 1.6625/30 and 1.6670.
