HiFX: Foreign Exchange Specialists

• Headlines

April 8, 2008

The UK’s largest mortgage lender Halifax revealed a 2.5% decrease in home prices during the month of March, marking the sharpest monthly decline since September 1992.  The poor housing data fuelled speculation for a more aggressive interest rate cut by the Bank of England later this week.  Prior to the housing data analyst were looking for a 25bps cut from the BoE but are now anticipating 50bps.  As such the Pound fell nearly 1.3% against the U.S. dollar and traded at an all-time low of 0.7990 when compared with the Euro.