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Thread: British Pound

  1. #51
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    The British pound is reversing its best monthly gain in a year against the Swiss franc as trading patterns suggest its rise was too much, too soon.

    Sterling advanced last week to a more than two-month high of 1.4592 francs, breaching the upper boundary of its 20-day Bollinger band and signalling that the pair had overreached. Options traders were paying the highest premium in almost six months to buy the pound versus the franc on Aug. 16, also setting it up for a U-turn, 25-delta risk reversal rates show.

    “We’re definitely catching some pretty critical levels --a solid resistance zone,” said Chris Tevere, a senior currency strategist and chartered market technician at Gain Capital Group LLC in New York. “This is the kind of make-or-break level where, if people think sterling is too strong, they might try to fade it.”

    The pound has climbed 3 percent in August versus a basket of 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes, the biggest monthly gain since September 2011, as unemployment claims dropped more in July than economists forecast. Sterling bears view the data strength as temporary, with the Bank of England remaining prepared to loosen monetary policy.

    source_http://www.bloomberg.com/news/2013-08-20/pound-s-august-gain-to-franc-proving-too-much-market-reversal.html

  2. #52
    if we're talking about the britania pound, then we need to watch the main event tonight because we will see for the first time the BOE wants to make an official statement here. And personally i can see big tide is coming and the turning will be very much positive. But at first, we will see what Carney think first and then enter the market after following what he state first. As for the expectation, i believe they will do something in order to reduce the unemployment rate to 7% and somehow i can only see QE for this. But we need to watch what he will say later first in order to take a position.

  3. #53
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    U.K. consumer confidence rose to the highest in almost four years this month as the strengthening economy made Britons more inclined to spend than at any time since 2010.

    A consumer sentiment index by GfK NOP Ltd. rose 3 points to minus 13, the highest since October 2009, the London-based group said in a report published today. A gauge based on whether consumers think now is the right time to make major purchases climbed 5 points to minus 16, the highest since December 2010.

    Economic growth accelerated to 0.7 percent in the three months through June and manufacturing and services indexes have strengthened this quarter. The British Chambers of Commerce raised its forecasts today and said gross domestic product will increase 1.3 percent this year, up from 0.9 percent previously.

    “The recovery is not yet secure,” said BCC Director General John Longworth. “We have had false dawns in recent years and although this upturn appears to be on stronger ground, we must be aware that complacency could lead to setbacks.”

    GfK’s index of households’ outlook for the economy jumped 8 points to minus 1, the highest since April 2010. The measure of people’s assessment of their financial situation over the next year was unchanged in August at zero.

    In its report, the BCC raised its 2014 GDP growth projection to 2.2 percent from 1.9 percent, and upgraded its 2015 forecast to 2.5 percent from 2.4 percent. Services outperform other sectors, expanding 1.9 percent this year and 2.6 percent in 2014.

    source_http://www.bloomberg.com/news/2013-08-29/u-k-consumer-confidence-rises-to-four-year-high.html

  4. #54
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    The pound dropped by the most in seven weeks against the dollar after a government report showed U.K. retail sales unexpectedly declined in August.

    Britain’s currency weakened versus 11 of its 16 major counterparts as the data damped optimism the economy is gaining momentum. U.K. government bonds rallied, with 10-year yields falling the most in three weeks, after Federal Reserve policy makers yesterday unexpectedly refrained from slowing debt purchases. The Debt Management Office sold 4.75 billion pounds ($7.63 billion) of five-year gilts.

    source_http://www.bloomberg.com/news/2013-09-19/pound-within-0-2-of-eight-month-high-as-fed-contrasts-with-boe.html

  5. #55
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    The pound was little changed versus the dollar and euro before a report economists said will show mortgage approvals increased last month.

    Loans approved for house purchases rose to 38,950 in August from 37,200 the previous month, the British Bankers Association will say today, according to the median estimate of analysts in a Bloomberg News survey. Bank of England policy maker Ben Broadbent said yesterday it was right to link the central bank’s forward guidance on interest rates to unemployment. The U.K. is scheduled to sell inflation-linked bonds maturing in 2068 via banks this week.

    source_http://www.bloomberg.com/news/2013-09-24/pound-little-changed-versus-dollar-before-u-k-mortgage-report.html

  6. #56
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    U.K. house prices rose the most in more than six years this month amid a continued increase in demand that’s being partly driven by government measures.

    Average values in England and Wales rose 0.5 percent, the most since May 2007, after a 0.4 percent gain in August, London-based property researcher Hometrack said in a statement today. Annual price inflation accelerated to 2.4 percent.

    Prime Minister David Cameron defied critics of “Help to Buy” yesterday, saying the second phase of the plan aimed at helping prospective buyers will start next week, three months earlier than planned. The program has drawn criticism that it may help fuel a property bubble and the government said last week the Bank of England will perform annual checks.

    source_http://www.bloomberg.com/news/2013-09-29/u-k-house-prices-surge-most-since-2007-as-demand-increases.html

  7. #57
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    The pound weakened for a second day against the dollar before government reports that economists said will show manufacturing production expanded in August while the trade deficit narrowed.

    Britain’s currency was little changed versus the euro before the Bank of England announces its next policy decision tomorrow. Factory output climbed 0.4 percent from July when it expanded 0.2 percent, according to a Bloomberg News survey of economists. Retail sales and house prices both increased last month, according to industry reports released yesterday. U.K. government bonds were little changed.

    source_http://www.bloomberg.com/news/2013-10-09/pound-falls-second-day-versus-dollar-before-manufacturing-report.html

  8. #58
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    The pound strengthened to a one-week high against the dollar after a government report showed U.K. jobless claims dropped the most in 16 years last month amid signs the labor market is improving.

    Sterling climbed for a third day versus the euro as the jobless rate held at 7.7 percent in the three months through August. Bank of England Governor Mark Carney has said policy makers won’t consider raising the key interest rate from a record-low 0.5 percent until unemployment falls to 7 percent. U.S. Senate leaders are rushing to lock down an agreement to end the fiscal impasse that threatens a default by the world’s largest economy. U.K. government bonds declined for a third day.

    source_http://www.bloomberg.com/news/2013-10-16/pound-little-changed-versus-dollar-before-u-k-unemployment-data.html

  9. #59
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    The pound strengthened versus the dollar before a report that economists said will show U.K. retail sales increased in September.

    Sterling climbed from near a four-week low against the U.S. currency after American lawmakers agreed to raise the nation’s debt ceiling, averting a default. U.K. retail sales including fuel rose 0.4 percent last month after falling 0.9 percent in August, according to the median of 21 estimates in a Bloomberg News survey of analysts. The Debt Management Office is scheduled to auction 4.75 billion pounds ($7.6 billion) of five-year government bonds today.

    source_http://www.bloomberg.com/news/2013-10-17/pound-strengthens-versus-dollar-before-u-k-retail-sales-report.html

  10. #60
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    The pound was set for a weekly advance versus the dollar as investors bet the U.S. debt ceiling debate will prompt the Federal Reserve to maintain asset purchases that tend to weaken a currency.

    Sterling also headed for a weekly advance against the euro as data showed the U.K. economy is gaining momentum. U.S. President Barack Obama signed into law a measure ending the 16-day government shutdown and extending the nation’s borrowing authority until early next year, averting a default. The U.K. Debt Management Office is scheduled to auction 2 billion pounds ($3.23 billion) of bills.

    source_http://www.bloomberg.com/news/2013-10-18/pound-heads-for-weekly-advance-versus-dollar-amid-recovery-signs.html

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