Nationwide HPI y/y comes in at 1.6% against 1.8% consensus

The UK Nationwide House Price Index year over year, released today at 06:00 UTC, registered a growth of 1.6%. This figure came in below the market consensus of 1.8% and also represented a deceleration from the previous reading of 1.8%. The actual print showed a -11.1% surprise relative to the consensus expectation.

Following the release, Sterling pairs exhibited varied and generally limited movement over the initial 15 minutes. EURGBP moved +0.3 pips, while GBPAUD saw a -3.3 pips change. GBPCAD declined by -9.7 pips, and GBPCHF moved +0.3 pips. GBPJPY gained +2.0 pips, GBPNZD moved -0.4 pips, and GBPUSD declined by -2.2 pips. These initial moves are generally smaller when compared to the historical median 1-hour movements for these pairs. For instance, EURGBP typically sees a median 1-hour move of 4 pips, GBPAUD 14 pips, GBPCAD 9 pips, GBPCHF 9 pips, GBPJPY 13 pips, GBPNZD 12 pips, and GBPUSD 9 pips after past releases.