Sterling Commentary for 5-Jul-08

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Sterling Commentary provided by GCI Financial Ltd:
Tables & Charts

The British pound weakened vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9810 level and was capped around the $1.9935 level. Cable extended yesterday’s sell-off and stops were reached below the $1.9865 level, representing the 23.6% retracement of the move from $1.9405 to $2.0005. The pair moved lower after it was reported that the U.K. services sector PMI fell to 47.1 in June from 49.8 in May, below expectations and the weakest print in five years. On a positive note on the inflation front, the prices charged sub-index rose modestly to 56.0. Also, Bank of England released its quarterly Credit Conditions Survey today that reported the availability...continued 

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

Instrument

Current

 Points % Date Value Date Value
Exchange Rates

5-Jul-08
EUR/GBP Fwd-1 Yr This marker indicates the current chart. 58.0000 0.0000 0.00% 11-Apr-08 446.0000 6-Jun-08 49.0000
GBP/AUD This marker indicates the current chart. 2.0646 -0.0004 -0.02% 16-Aug-07 2.5149 19-May-08 2.0370
GBP/CAD This marker indicates the current chart. 2.0223 0.0051 0.25% 31-Jul-07 2.1649 6-Nov-07 1.9053
GBP/CHF This marker indicates the current chart. 2.0345 0.0003 0.01% 25-Jul-07 2.4896 17-Mar-08 1.9616
GBP/EUR This marker indicates the current chart. 1.2633 0.0002 0.01% 25-Jul-07 1.4970 16-Apr-08 1.2375
GBP/JPY This marker indicates the current chart. 210.8200 -0.8600 -0.41% 18-Jul-07 250.2900 17-Mar-08 194.0900
GBP/USD Fwd-1 Yr This marker indicates the current chart. -508.0000 0.0000 0.00% 11-Jul-07 -164.0000 14-Mar-08 -619.0000
USD/GBP This marker indicates the current chart. 0.5042 0.0002 0.04% 21-Jan-08 0.5157 8-Nov-07 0.4735
 
Interest Rates

5-Jul-08
USD 3M LIBOR This marker indicates the current chart. 2.7910% 0.0000% 0.00% 7-Sep-07 5.7250% 18-Mar-08 2.5420%
 
Indices

5-Jul-08
NASDAQ This marker indicates the current chart. 2,245.38 -6.08 -0.27% 31-Oct-07 2,859.12 10-Mar-08 2,169.34
 

source: DTN Market Access

part 1...of credit to individuals and corporations has declined since March and will likely fall through the end of Q3. IDS reported pay deals were stable in the quarter to May, up 3.5% in the three months to the end of May. Bank of England Deputy Governor Bean reported the market’s dislocation will probably continue. Cable bids are cited around the US$ 1.9360/ 1.9100 levels. The euro weakened vis-à-vis the British pound as the single currency tested bids around the £0.7940 level and was capped around the £0.8000 figure.

SUPPORT   RESISTANCE

 
L1.       1.9520 1.9760 
L2.       1.9395 1.9880 
L3.       1.9100 2.0000

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