US: Housing Price Index up 1% in July vs. 0.5% expected

• House prices in the US rose more than expected in July.
• US Dollar Index clings to daily gains above 94.00 after the data. 

The Housing Price Index (HPI) in the US rose 1% in July, the Federal Housing Finance Agency’s (FHFA) monthly report showed on Wednesday. This reading matched June’s reading (revised from 0.9%) and came in higher than the market expectation of 0.5%. 

Earlier in the day, the Mortgage Bankers Association (MBA) reported that Mortgage Applications increased by 6.8% in the week ending September 18th.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.15% on a daily basis at 94.12.