Sterling Commentary for 17-Aug-06

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Sterling Commentary provided by Blair Baker at Global Financial, Ltd..:
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The British pound moved higher vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9020 level and was supported around the $1.8880 level. Sterling edged lower after minutes from Bank of England’s Monetary Policy Committee meeting from July were released and they evidenced a six-to-one vote to raise the headline repo rate by +0.25% to 4.75%. New MPC member Blanchflower voted to keep borrowing costs unchanged on account of the softening labour market. Along those lines, data released in the U.K. today saw ILO unemployment in Q2 reach its highest...continued 

Sterling Focus

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

Instrument

Current

 Points % Date Value Date Value
Exchange Rates

17-Aug-06
EUR/GBP This marker indicates the current chart. 1.4762 -0.0052 -0.36% 10-Nov-05 1.4901 5-Apr-06 1.4273
EUR/GBP Fwd-1 Yr This marker indicates the current chart. 95.0000 0.0000 0.00% 19-Aug-05 149.0000 12-Jul-06 84.0000
GBP/AUD This marker indicates the current chart. 2.4725 -0.0029 -0.12% 6-Jun-06 2.5112 3-Oct-05 2.2993
GBP/CAD This marker indicates the current chart. 2.1218 -0.0037 -0.17% 5-Sep-05 2.1931 2-Mar-06 1.9826
GBP/CHF This marker indicates the current chart. 2.3291 -0.0131 -0.56% 11-Aug-06 2.3499 5-Jan-06 2.2390
GBP/JPY This marker indicates the current chart. 219.3700 -0.2900 -0.13% 14-Aug-06 220.2800 22-Aug-05 197.5100
GBP/USD Fwd-1 Yr This marker indicates the current chart. 48.0000 0.0000 0.00% 6-Jul-06 143.0000 2-Sep-05 -74.0000
USD/GBP This marker indicates the current chart. 0.5270 -0.0011 -0.20% 21-Nov-05 0.5830 4-Aug-06 0.5240
 
Interest Rates

17-Aug-06
GBP 3M LIBOR This marker indicates the current chart. 4.9703% 0.0003% 0.01% 16-Aug-06 4.9703% 21-Feb-06 4.5663%
USD 3M LIBOR This marker indicates the current chart. 5.4100% -0.0160% -0.30% 19-Jul-06 5.5200% 2-Sep-05 3.7610%
 
Indices

17-Aug-06
DJIA This marker indicates the current chart. 11,327.12 96.86 0.86% 10-May-06 11,642.65 21-Oct-05 10,215.22
NASDAQ This marker indicates the current chart. 2,149.54 34.53 1.61% 19-Apr-06 2,370.88 21-Jul-06 2,020.39
 

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source: DTN Market Access

part 1...level in more than six years, up 92,000 to 1.677 million with the unemployment rate up to 5.5%. Overall, the tone of the MPC’s minutes suggested BoE policymakers are in no hurry to raise rates further. Cable bids are cited around the US$ 1.8920 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the £0.6770 level and was supported around the £0.6750 level.

SUPPORT   RESISTANCE

 
L1.       1.8165 1.8960 
L2.       1.8005 1.9215 
L3.       1.7640 1.9550

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