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HISTORICAL DETAILS
% Change
1 Wk 0.11%
1 Month -0.49%
3 Months -2.41%
6 Months 0.80%
1 Year 5.88%
52 WEEK
High 1.6747
Low 1.5125
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.63
Q3 2011 1.62
Q4 2011 1.63
Q1 2012 1.62
DAILY DETAIL
In overnight action, sterling recovered all of yesterday’s losses, as a sharp pick-up in ‘risk appetite’ boosted equities and risk currencies across the board. Cable rallied from a low of 1.6019 to a high of 1.6176, before closing the session at 1.6121. This occurred as US housing data and Q2 earnings came in stronger-than-expected, and US President Barack Obama said that debt ceiling talks were making progress. From a technical perspective, sterling looks range-bound between yesterday’s low of 1.6003 and today’s high heading into tonight’s MPC monetary policy meeting minutes. Over the last week or so, gains have been capped by selling resistance around the 1.6150 level, which probably coincides with the dovish expectations for tonight’s data. As it stands, the market is expecting a 7-2 vote on a rate hike, but an 8-1 vote on new asset purchases. However, there is the very real possibility that we could see more votes in favour of further asset purchases, which would be negative for sterling. Nonetheless, it’s certain to cause some volatility among traders. Ben Potter, Australia
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