Asking price for property in England and Wales falls again according to Rightmove

According to the property website Rightmove, asking prices for homes in England and Wales fell for the third consecutive month in September, down 1.1% following a drop of 1.7% in August and 0.6% in July. The means that house prices have lost 50% of the gains made in the first six months of 2010 and, coupled with falling mortgage approvals yesterday as well, adds to the evidence that the recovery in the UK housing market is fast losing pace.

Overnight, the Reserve Bank of Australia published the minutes from their last meeting which indicated that interest rates in Australia will begin to increase in the short-term. The news gave selling and buying Australian Dollars a boost as it took over 3 cents from Sterling.

Today the markets are going to be looking to the US Federal Reserve monetary policy meeting as economists speculate about further support for the US economy. At this stage, market consensus is for the Fed to reiterate that interest rates will remain on hold for a an "extended period" and not expand quantitative easing.

In this scenario the US Dollar may get some support as expectations for second quarter growth will subside. In the build up to the meeting the US Dollar has come under a bit of pressure, losing some ground against the Euro and Japanese Yen. In fact, Sterling is the only currency that is failing to make any headway against the US Dollar.