It was the lesser of two evils prevailing with property data from the US and UK out yesterday. Right move house price data from the UK, which measures asking prices for homes put to sale, coming out at a disappointing  but expected -4.8% for the year until mid August. The US matched with NAHB home builder confidence broad figures staying at all times lows; however some parts of the survey showed promise, notably house sales expectations rising.

Trading yesterday saw Sterling losing ground against the Euro in large part due to the British Chamber of Commerce comments raising expectations of a recession. Meanwhile the dollar continued its march north, the only reprieve for dollar crosses yesterday was a minor rebound in oil prices taking some of the sting out the surge.

Euro results this morning saw German PPI arriving out with its highest result since the early eighties, giving the Euro a small boost. This may prove to be temporary relief for the Euro as it comes under the spotlight again this morning with the German ZEW economic sentiment survey due. A disappointing result may cause investors to pull the trigger on short euro positions. No major UK data is due today, but the US sees housing starts, building and PPI results due in the afternoon

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