GBP/USD Performance Chart as at 3:30 a.m. Singapore time, 15/04/11

Forex Focus is brought to you by IG Markets - Forex Trading

 

 

HISTORICAL DETAILS 

% Change

1 Wk 0.26%

1 Month 1.79%

3 Months 3.12%

6 Months 2.21%

1 Year 6.40%

 

52 WEEK

High 1.6428

Low 1.4231

 

BLOOMBERG MEDIAN FORECASTS

Q2 2011 1.61

Q3 2011 1.63

Q4 2011 1.63

Q1 2011 1.65

 

DAILY DETAIL

Sterling also rose against the broadly weak dollar today. The pound was up more than half a percent against the dollar, with a session high of $1.6385, before pulling back to $1.6340. It was supported by a slight improvement in UK consumer confidence released earlier in the day. A softer inflation reading on Tuesday dented the market's expectations for a UK rate rise, with the first hike pushed back to October. But, the real story is that the dollar remains weak, trading near its lowest levels in 16 months versus a currency basket .DXY. Some analysts said anticipation of ongoing, low US rates would support sterling in the coming months. First-time claims for US unemployment benefits rose unexpectedly last week, raising questions about the health of a labor market recovery. Also, producer prices picked up pace in March as the disruption caused by Japan's earthquake begins to be felt in the auto industry. All of these factors continue to add to the overall dollar weakness in the global markets at the moment. Paolo Palazzi-Xirinachs, Chicago