GBP/USD Performance Chart as at 3:30 a.m. Singapore time, 20/04/11

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HISTORICAL DETAILS 

% Change

1 Wk 0.38%

1 Month 0.53%

3 Months 2.03%

6 Months 3.90%

1 Year 6.23%

 

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 has risen against USD, up 0.2% to $1.6294 after recovering from a two-week low on Monday of $1.6166. Ratings agency Standard and Poor's slapped the US with a negative watch on its AAA sovereign debt rating on yesterday, adding to a risk-off sentiment in financial markets that saw sterling gyrating in a wide 200-point range against the greenback. [2] Traders reported Asian sovereign offers around $1.6300. Key support was at $1.6178, the 55-day moving average. Focus in the UK switches to Bank of England April policy meeting minutes on Wednesday. Economists don't expect the minutes to show a shift in the Monetary Policy Committee members' voting, but they are keen to see if those who voted for unchanged rates have become more concerned about future inflation or the growth outlook. Markets now expect the Bank of England to put off raising rates until October, while another eurozone rate hike is widely anticipated in the next few months following hawkish comments from European Central Bank policymakers. Paolo Palazzi-Xirinachs, Chicago

 

Notes: Source: [1] Bloomberg (19 April 2011), [2] Bloomberg UK (19 April 2011), [3] Sydney Morning Herald (19 April 2011), [4] Wall Street Journal (19 April 2011). Chart data supplied by Bloomberg.