Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
British home-sellers lift prices by most since 2007
In March, UK home-sellers lifted their asking price by approximately 1.5%, which is the biggest monthly leap since 2007. That’s what property website Rightmove informed on Monday.
Rightmove's figure doesn’t appear to be seasonally updated. What’s more – it actually contrasts with a much more tepid picture painted so far in 2018 by mortgage lenders Nationwide and Halifax, whose property valuations have edged up at the weakest annual tempo since 2013.
Rightmove director Miles told that it’s still to be seen if March’ 11-year price ascend turns to be a catch-up anomaly following two more-subdued months, or it’s an early indicator of price pressure forming a real head of steam.
In the first quarter of 2018 asking prices in general managed to rally 3% compared to the end of the previous year, which is a bigger seasonal leap than in early 2017, although less than in 2016, exactly when property tax trims drove sales in the beginning of the year.
Aside from that Rightmove told that prices were powered by a 5% descend in the number of properties being offered for sale versus 2017. He added that some purchasers might be attempting to complete their purchases before the United Kingdom’s major financial institution dares to have interest rates lifted.
In spite of the fact the British economy speeded down in 2017 because higher inflation affected consumer demand, the vast majority of market experts surveyed by Reuters expect the Bank of England to lift interest rates in May because of worries that above-target inflation is going to be slow to descend.
On Friday, Britain’s key bank told that there had been a leap in the proportion of mortgages being issued, which is 4.5 times below a borrower's income. That’s the upper limit of what the key bank considers to be safe.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.