The pound is holding steady against the US dollar while declining against the euro, following a surprising increase in the Halifax House Price Index, which is the highest growth recorded since November 2022.
This unexpected surge in the housing market could embolden the Bank of England to adopt a more measured approach to rate cuts, in contrast to the anticipated multiple rate cuts from the Fed this year.
The latest data indicates a sustainable recovery in the UK construction sector, driven by increased new orders and a burgeoning residential activity, despite a slight slowdown in overall expansion.
The economic landscape shows a diverging path for central banks, with the Fed poised for potential rate cuts based on labor market data, while the Bank of England remains cautious about its own rate decisions.
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