GBP/USD Performance Chart as at 3:30 a.m. Singapore time, 29/04/11

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HISTORICAL DETAILS 

% Change

1 Wk 0.73%

1 Month 3.95%

3 Months 4.94%

6 Months 4.37%

1 Year 9.03%

 

52 WEEK

High 1.6747

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 held near a 17-month high against the dollar today, retaining modest gains as investors placed more bearish bets on the greenback after the Federal Reserve signaled it was in no hurry to reverse policy. The pound was up 0.2% at $1.6660 against the dollar, extending gains made on Wednesday after UK gross domestic product growth data confounded speculation about a weaker-than-forecast number. The GDP data came in line with the Reuters consensus forecast, but the market had positioned for a weak reading which drove investors to cut short positions initiated before the data was released. [2] Sterling's rise came even after dismal data showed British consumer morale unexpectedly deteriorated in April to a two-year low as people braced to take a hit from public spending cuts. Analysts said this showed how entrenched dollar bearishness was in the market, with many expecting sterling to rise past its 17-month high of $1.6747 struck earlier on Thursday and test its November 2009 peak of $1.6879 in the next few days. The dollar extended losses after data showed US economy slowing more than expected in the first quarter. Growth in US gross domestic product slowed to 1.8% annual rate after a 3.1% fourth quarter pace. Economists had expected a 2% growth pace. Paolo Palazzi-Xirinachs, Chicago

 

Notes: Sources: [1] & [2] Reuters (27 April 2011), [3] Sydney Morning Herald (27 April 2011), [4] Wall Street Journal (27 April 2011). Chart data supplied by Bloomberg.