US: Housing Price Index at -0.7% in August vs. -0.3% expected

• House prices in the US continued to decline in August.
• US Dollar Index trades in negative territory below 112.00.

The monthly data published by the US Federal Housing Finance Agency showed on Tuesday that the Housing Price Index fell by 0.7% on a monthly basis in August. This print followed July's decrease of 0.6% and came in lower than the market expectation of -0.3%.

Meanwhile, the S&P/Case-Shiller Home Price Index arrived at 13.1% on a yearly basis in August, compared to analysts' estimate of 14.4%.

Market reaction

With the initial market reaction, the greenback weakened against its rivals with the US Dollar Index losing 0.17% on the day at 111.80.