Forex Pros - U.K. house prices rose unexpectedly in February, industry data showed on Tuesday.
In a report, U.K. mortgage lender Nationwide said its house price index rose by a seasonally adjusted 0.3% in February, after falling by 0.1% in January.
Analysts had expected the house price index to decline by 0.2% in February.
The report showed that year-over-year, home prices in the U.K. fell by 0.1% in February, after tumbling by 1.1% in January. Analysts had expected year-on-year home prices to decline by 0.2% in February.
Commenting on the report, Nationwide's chief economist Robert Gardner said, "The overall picture is still one of a market treading water."
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD adding 0.1% to hit 1.6274.
Meanwhile, the outlook for European stock markets was upbeat. The FTSE 100 futures pointed a rise of 0.44%, the EURO STOXX 50 futures indicated a gain 0.53%, France's CAC 40 futures pointed to an increase of 0.41%, while Germany's DAX futures added 0.42%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.