I’ve pointed out many times here in my Money and Markets column that interest rates and economic growth are always the two primary fundamental drivers of currency prices. Therefore, it’s no stretch to conclude that housing has been the Achilles’ heel for the U.S. dollar.

But what if there’s another major currency country that has a much worse outlook for its housing market? Would we then expect bad housing news to play a similar role in pushing its respective currency lower? I think the short answer is: Yes!

It’s fitting on this Independence Day holiday weekend that we examine the incredible exposure to housing prices in our motherland — the UK — compared to the U.S. …