UK House Prices Fall for First Time in 2011, Sterling Weaker

The Great Britain pound dropped against the Japanese yen and fluctuated against the US dollar as the report showed today that UK house prices declined for the first time this year.

The Rightmove House Price Index fell 1.6 percent in July, following the 0.6 percent increase in June. The number of new sellers dropped 12 percent. According to the Bloomberg Correlation-Weighted Currency Indexes, the pound declined 6.8 percent from a year ago versus nine currencies of developed markets, the second worst performance after the US dollar.

GBP/USD traded at 1.6095 as of 7:56 GMT today after it rose from 1.6107 to 1.6133 earlier. GBP/JPY declined from 127.37 to 127.12.

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