Sterling Commentary for 4-Jul-09

Sterling Commentary
Tables & Charts

The British pound moved lower vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6300 figure and was capped around the $1.6430 level. Bank of England’s Monetary Policy Committee convenes next week and is not expected to change monetary policy at this time. Data released in the U.K. today saw the June CIPS PMI services survey decline to 51.6 from 51.7 in May. Some economists believe the U.K. economy will emerge from recession this quarter but it is unlikely that policymakers will unwind their massive monetary and fiscal stimuli anytime soon. It was also reported today that U.K. residents added £8.1 billion to their housing equity in Q1, up from £7.8 billion in Q4. Cable bids are cited around the US$ 1.6180 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the £0.8585 level and was supported around the £0.8515 level.

SUPPORT   RESISTANCE

 
L1.       1.6000 1.6740 
L2.       1.5690 1.6830 
L3.       1.5440 1.7470
Sterling Focus
 
Day's Change 52-Week High 52-Week Low

Instrument

Current

 Points % Date Value Date Value
Exchange Rates

3-Jul-09
EUR/GBP Fwd-1 Yr This marker indicates the current chart. 6.0000 0.0000 0.00% 12-Mar-09 2,249.0000 2-Feb-09 -198.6960
GBP/AUD This marker indicates the current chart. 2.0472 -0.0080 -0.39% 10-Oct-08 2.6302 8-May-09 1.9812
GBP/CAD This marker indicates the current chart. 1.8930 -0.0062 -0.33% 15-Oct-08 2.0537 23-Jan-09 1.6823
GBP/CHF This marker indicates the current chart. 1.7775 -0.0004 -0.02% 31-Jul-08 2.0782 29-Dec-08 1.5254
GBP/EUR This marker indicates the current chart. 1.1682 -0.0030 -0.26% 6-Oct-08 1.2928 30-Dec-08 1.0250
GBP/JPY This marker indicates the current chart. 156.6700 -0.5700 -0.36% 23-Jul-08 215.2200 23-Jan-09 121.5300
GBP/USD Fwd-1 Yr This marker indicates the current chart. -23.8000 0.0000 0.00% 10-Mar-09 70.2000 3-Jul-08 -512.0000
USD/GBP This marker indicates the current chart. 0.6120 0.0013 0.21% 23-Jan-09 0.7306 15-Jul-08 0.4988
 
Interest Rates

3-Jul-09
USD 3M LIBOR This marker indicates the current chart. 0.5800% 0.0030% 0.52% 12-Oct-08 4.8200% 2-Jul-09 0.5770%
 
Indices

3-Jul-09
NASDAQ This marker indicates the current chart. 1,796.52 -49.20 -2.74% 14-Aug-08 2,453.67 9-Mar-09 1,268.64
 

source: DTN Market Access

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