UK data - Rightmove house prices for February +1.7%

Remove house prices for March 2022 saw a gain of 1.7%. That was the biggest March rises since 2004

• In January, the index rose 2.3%. That was the biggest monthly jump in more than 20 years as buyers panicked on the fear of missing out.
• The year on year gain came in at 10.4%. The gain was the highest since June 2014
• The number of prospective buyers was twice the number of homes for sale which is a record for this time of year
• London home prices which has been the weakest market since the start of their pandemic, increased by 6.3% year on year
• the latest official data based on registered sale prices shows prices of homes sold in December were 10.8% higher than the year before which was down from the peak rate of 13.5% in June.

Rightmove said that:

• "We forecast a less frothy market in the second half of the year, as economic headwinds lead to a more evenly balanced market, though demand will still outstrip supply"

The  Bank of England  Bank of England The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe.  As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government.  Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment systems. The bank helps not only craft monetary and financial stability within the UK but also yields enormous influence on the country’s currency, the British pound. How does the Bank of England (BoE) Affect Forex Traders? The BoE is one of the closest watched central banks by forex traders, along with the US Federal Reserve and European Central Bank (ECB).  FX traders are regularly tuned into any updates out of the central bank given its potential to affect the pound and many other currency pairs. The Euro for example is highly correlated to the pound. Furthermore, the bank also has at its disposal a variety of monetary policy tools that are capable of impacting the pound. One of the most common of these historically has been quantitative easing (QE), among others, which can increase or decrease the value of the pound. Beyond FX, the BoE helps address domestic inflation, tinkering interest rates to stimulate the economy. Many investors are cognizant of the BoE interest rate as this measure is instrumental for a variety of economic barometers. The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe.  As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government.  Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment systems. The bank helps not only craft monetary and financial stability within the UK but also yields enormous influence on the country’s currency, the British pound. How does the Bank of England (BoE) Affect Forex Traders? The BoE is one of the closest watched central banks by forex traders, along with the US Federal Reserve and European Central Bank (ECB).  FX traders are regularly tuned into any updates out of the central bank given its potential to affect the pound and many other currency pairs. The Euro for example is highly correlated to the pound. Furthermore, the bank also has at its disposal a variety of monetary policy tools that are capable of impacting the pound. One of the most common of these historically has been quantitative easing (QE), among others, which can increase or decrease the value of the pound. Beyond FX, the BoE helps address domestic inflation, tinkering interest rates to stimulate the economy. Many investors are cognizant of the BoE interest rate as this measure is instrumental for a variety of economic barometers. Read this Term has raise rates three times since December and consumer price inflation has hit its highest level in almost 30 years. Those are headwinds of that could slow the market down although supply still remains a concern.

The GBPUSD is tilting to the downside with the modest USD buying to start the trading week.