Nationwide HPI m/m comes in at 0.2% against 0.2% consensus

The Nationwide House Price Index month over month for GBP was released, showing a reading of 0.2%. This figure matched the consensus expectation of 0.2%. The actual print represented an increase from the previous month’s reading of 0.1%. The surprise versus consensus was 0.0%.

Following the release, market reactions across GBP pairs were generally limited. EURGBP moved +0.3 pips 15 minutes after the release, compared to a median 1-hour move of 4 pips after past releases. GBPAUD was down -3.3 pips at the 15-minute mark, with a historical median 1-hour move of 14 pips. GBPCAD saw a move of -9.7 pips 15 minutes post-release, which is above its median 1-hour move of 9 pips after past releases. GBPCHF moved +0.3 pips, while GBPJPY moved +2.0 pips 15 minutes after the print. GBPNZD was down -0.4 pips, and GBPUSD was down -2.2 pips at the 15-minute mark. These moves for GBPCHF, GBPJPY, GBPNZD, and GBPUSD were all notably smaller than their respective median 1-hour moves of 9 pips, 13 pips, 12 pips, and 9 pips after past releases.