Sterling Commentary for 17-Mar-10

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Sterling Commentary provided by GCI Financial Ltd:
Tables & Charts

The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5200 figure and was supported around the $1.4975 level. Data released in the U.K. today saw the DCLG January house price index expand 6.2% y/y, the highest increase since February 2008. Bank of England Monetary Policy Committee member Barker yesterday reported the U.K. economy could recede again, adding the economic recovery will continue to be “bumpy and fragile.” Cable continues to suffer from political uncertainty ahead of the upcoming mandatory General Election. Prime Minister Brown is expected...continued 

Sterling Focus
 
Day's Change 52-Week High 52-Week Low

Instrument

Current

 Points % Date Value Date Value
Exchange Rates

16-Mar-10
EUR/GBP Fwd-1 Yr This marker indicates the current chart. 4.0000 0.0000 0.00% 29-Jan-10 281.0000 -  - 
GBP/AUD This marker indicates the current chart. 1.6470 0.0000 0.00% 16-Mar-09 2.1348 9-Mar-10 1.6348
GBP/CAD This marker indicates the current chart. 1.5333 0.0000 0.00% 29-Jun-09 1.9218 15-Mar-10 1.5333
GBP/CHF This marker indicates the current chart. 1.5976 0.0000 0.00% 7-Aug-09 1.8035 15-Mar-10 1.5976
GBP/EUR This marker indicates the current chart. 1.1010 0.0000 0.00% 16-Jun-09 1.1840 18-Mar-09 1.0581
GBP/JPY This marker indicates the current chart. 135.9200 0.0000 0.00% 7-Aug-09 162.7200 1-Mar-10 133.3200
GBP/USD Fwd-1 Yr This marker indicates the current chart. -31.8000 0.0000 0.00% 17-Mar-09 50.7000 24-Nov-09 -66.5000
USD/GBP This marker indicates the current chart. 0.6643 0.0000 0.00% 13-Mar-09 0.7144 5-Aug-09 0.5889
 
Interest Rates

16-Mar-10
USD 3M LIBOR This marker indicates the current chart. 0.2600% 0.0020% 0.77% 13-Mar-09 1.3160% 3-Feb-10 0.2490%
 
Indices

16-Mar-10
NASDAQ This marker indicates the current chart. 2,362.21 0.00 0.00% 11-Mar-10 2,368.46 16-Mar-09 1,404.02
 

source: DTN Market Access

part 1...to lose to Tory leader Cameron but Cameron may not be able to form a majority government if he wins, and this could lead to a weaker pound. Many data will be released in the U.K. including February jobless claims along with the BoE MPC meeting minutes. Cable bids are cited around the US$ 1.4455 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the US$ 0.9045 level and was capped around the $0.9120 level.

SUPPORT   RESISTANCE

 
L1.       1.5345 1.5880 
L2.       1.5160 1.6215
L3.       1.4950 1.6530

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