The GBP FX rate softened against most of its major peers after a report released by the Royal Institution of Chartered Surveyors (RICS) showed that house price growth slowed for a sixth month in November. The house price gauge fell to a reading of 13, the lowest figure since May 2013. RICS said that prospective buyers might be delaying purchases until after the general election. A property tax change announced by Chancellor George Osborne last week could reverse the slowdown next year.

US Dollar

The US Dollar strengthened against the majority of its rivals as economists forecast that the continuing jobless claims and retail sales data due for release later in the session will come in strongly. The currency continues to receive support from increased demand for safe haven assets and from last week’s strong jobs report.

The Euro

Yesterday the Euro firmed against the Pound due to the release of UK house price data but weakened against other major peers as data out of France showed that consumer prices in the nation fell more than expected in November. France’s consumer price index fell 0.2% in November from October and was just 0.3% higher on a yearly basis. Also weighing on the currency are growing concerns over the political situation in Greece.

Australian Dollar

The ‘Aussie’ briefly made solid gains against the US Dollar and other peers due to the release of a-better-than-forecast domestic jobs report. Employment increased by over 42,000 in November, beating forecasts for a rise of just 4,000. Despite the rise, the overall unemployment rate increased to 6.3%. As the morning progressed, the currency then reversed gains over tumbling commodity prices and the increase in the jobless rate weighed.

New Zealand Dollar

The New Zealand Dollar strengthened against the Pound and other currency counterparts after the Reserve Bank of New Zealand said that further interest rate hikes would be needed next year if inflation is to be kept on target. The hawkish comments sent the currency higher despite policy makers repeating their rhetoric that the ‘Kiwi’ remains overvalued.

Canadian Dollar

The ‘Loonie’ rallied against the Pound and firmed slightly against the US Dollar after Bank of Canada Governor Stephen Poloz said that tumbling oil prices do not yet pose a risk to Canada’s financial system or a threat to the country’s economic outlook. He did say, however, that if prices continue to tumble then growth could be reduced by around one-third of a percentage point.

South African Rand

The Rand continued to soften and trade at 12-year lows as market attention turns to upcoming credit rating announcements from Fitch and Standard & Poor’s. Also weighing on the currency are concerns over the stability of South Africa’s power supply.