GBP (British Pound)

[kennynah]

today 430pm....

UK monthly Construction PMI figures to be released

expected = 58.3
previous 58.2

[kennynah]

UK april consumer credit down 0.1bil pounds vs 0.1bil pounds rise last month

UK may construction PMI rises to 58.5 from 58.2 in april

UK mortgage approvals gbp1.53bil vs gbp1.68bil in mar

UK april M4 money supply flat on month, rises 3.3% on year

[kennynah]

finish.... major gbp and euros are being hammered...

[millionairemind]

finish.... major gbp and euros are being hammered...

Ya.. and with it the US futures...

Dow futures was up as much as 100pts early afternoon when eur/usd was up 50pips..

Now it has turned negative...

Super volatile market.

[winston]

Not vested

British pound

– An earlier slip in the dollar helped the pound recover to $1.5967 even after the sharpest slip in 20 years for a confidence index reported by GfK.

Consumer confidence declined by eight points to -29 for January from -21 earlier.

Trade body CBI also confirmed retail sales weakness with a drop in its measure from 56 to 37.

The pound is now lower on the day at $1.5911 following words from Davos, Switzerland at the World Economic Forum by Prime Minister Cameron who reiterated that investors had been repeatedly warned that the voyage to recovery would never be anything but choppy.

His reference to shockingly poor British growth data reflects on an unexpected economic contraction in the final quarter of 2010.

http://www.dailymarkets.com/forex/2011/ ... l-corners/

[winston]

Another big reason to own gold: This major currency is tanking (it's not the dollar or euro)

The pound fell to the lowest against the dollar since January as a business lobby group said the U.K.'s recovery is fragile, strengthening the case for the central bank to keep interest rates at a record low.

Sterling weakened the most against the yen and Swiss franc among its 16 major peers tracked by Bloomberg. The U.K.'s gross domestic product probably grew 0.3 percent in the three months through June, the British Chambers of Commerce's quarterly survey of companies showed today.

The FTSE 100 Index lost 1.1 percent. U.K. government bonds gained, pushing the 10-year yield to the lowest since November, as investors sought a haven amid declines in Italian and Spanish government debt.

Britain's currency fell 1 percent to $1.5895 as of 4:06 p.m. in London after reaching $1.5883, the least since Jan. 31. It weakened 1.3 percent to 127.77 yen, after slumping to the weakest since March 18. It was 1 percent lower at 1.3302 francs. It advanced 0.8 percent to 88.12 pence per euro.

Sterling has lost 6.6 percent in the past year, the second- biggest decline after the dollar, according to Bloomberg Correlation-Weighted Currency Indexes, which track 10 developed- market currencies. The Swiss franc jumped 14 percent.


Source: Bloomberg

[kennynah]

over the last 2-3 decades.... the pound has lost a lot of weight.... a pound doesn't feel like a pound any more retribution of their past barbaric colonization...

[kennynah]

Pound got hammered over riots

[winston]

I'm surprised that the riots can hammer the GBP.

Maybe people are factoring in the loss of tourists for the rest of the year..

Did you noticed that riots always happen during summer ?

During winter, these guys would not want to freeze their butts off outside in the cold.

[kennynah]

since the riot incident in mid aug, gbp/usd has been clobbered very badly....