By Darrell Martin
The price paid for houses is something of interest to people all over the globe. You might wonder what it would cost should you have to move to a distant country, or you could just be curious as to how your domicile stacks up to similar living quarters around the world. Each country tracks their housing market. This is usually done through the mortgage companies and the amount of approvals they grant.
Early in the morning of October 30, 2014 at 3:00 AM, the United Kingdom’s second largest mortgage provider, Nationwide will release their House Price Index. This statistic reflects the average change of house prices across the country. Being second in the country, however, Nationwide only accounts for 10% of the mortgage market and they only take into account owner occupied properties and houses which they deem sold at “true market prices.”
If this report generates a higher than expected number, then it should be regarded as positive or bullish while a lower number would indicate negative or bearish to the GBP. The previous reading for this report was -0.2%. This month’s forecast is 0.3%.
Since this report is released at such an early hour, it makes a great overnight trade. The ideal strategy is an Iron Condor on a Nadex Spread on the GBP/USD. Enter as early as 11:00 PM on October 29. Remember, in an Iron Condor, you buy the lower spread and sell the upper spread. You want the ceiling of the lower spread equal with the floor of the upper spread. Look for a 7:00 AM expiration and a minimum profit of $30.
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