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HISTORICAL DETAILS
% Change
1 Wk -0.27%
1 Month 1.67%
3 Months -0.23%
6 Months 1.20%
1 Year 2.36%
52 WEEK
High 1.6747
Low 1.5297
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.63
Q3 2011 1.61
Q4 2011 1.63
Q1 2012 1.62
DAILY DETAIL
Sterling was lower against the US dollar ahead of the Bank of England’s interest rate decision. The bank was widely expected to keep rates on hold, and indeed this is what they did. The asset purchase programme was held unchanged at £200 billion, showing that the Monetary Policy Committee had refrained from heeding the siren calls of those who have begun to press for further monetary stimulus in the UK. Next week on Wednesday, the Bank of England will release a quarterly inflation report, which will likely have a stronger impact in trading between the pair as markets will be focused on the latest forecasts for inflation and growth. Tomorrow, we could see some volatility in trading between the pair as the US will release non-farm payroll data for July, which is forecast to rise to 85,000 in July from 18,000 in June. It would be difficult to predict whether a miss on this number will cause the US dollar to strengthen (on risk aversion and Treasury buying), or to weaken (as investors retreat from the dollar on the expectation of further monetary stimulus in America). Jana Pristovsek, London
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