Housing prices eroded across the pond in Great Britain as housing prices plummeted 1.1 percent during November, the largest price decline in 6 years. Inflation is also a problem with increasing food prices and energy prices accelerating. Nevertheless, the Bank of England cut the discount rate by 25 basis points to keep everyone happier.

Seem the Brits share a similar fate as us here in the U.S. to some extent. With good employment and productivity reports for the U.S. economy, the dollar looks stronger against major currencies.

This may trim back the 50 basis point rate cut by the Federal Reserve anticipated next week.