House price data from Nationwide

  • Consensus estimate was +1.5% y/y

  • January m/m prices -1.6% vs +0.1% expected

  • Prior m/m reading was -0.7%

That's two months in a row of soft readings on UK housing. It's not a worry that's registering particularly high on the radar but it's another reason the Bank of England might be on hold longer than it wants to be.

Cable finished the week with a nearly 100 pip gain to 1.2723.