Little data and no movement on the currency markets made last week a very quiet one

It was a quiet end to the week with the data not really having any affect on the markets. The Eurozone reported a seasonally-adjusted current account surplus of €12.7 billion for June while Canadian inflation slowed from 1.5% to 1.3%. In the US, the University of Michigan's index of US consumer confidence improved by a point to a provisional 73.6. All the data released was pretty much as expected so it had very little impact on the currency rates.

From the UK, the Rightmove index of house prices should sellers have reduced prices an "aggressive" -2.4% in August. The reduction was more than double the -1.1% average price drop seen in August over the last ten years.

There was no reaction by Sterling to the Rightmove figure this morning, just as there had been no reaction to the other data released on Friday. Compared with Friday morning, Sterling starts the week a third of a cent lower against the US and NZ Dollars, a quarter of a cent down against the Australian dollar. It slightly higher against the Euro and unchanged against the Canadian Dollar it is unchanged.

And that is likely to be the case today with only Eurozone construction output and the Chicago Federal Reserve's national activity index released.