CurrencyShares British Pound Sterling Trust ETF (FXB) - NYSEARCA
  • Wed, Jul. 20, 7:45 AM
    • Could it be the experts were wrong? The U.K.'s unemployment rate fell to 4.9% in the three months ended in May - the lowest level since 2005. Though the numbers predate the Brexit vote, that country's version of the Fed's Beige Book reports a big jump in uncertainty, but no evidence of a sharp slowing in the economy since the vote.
    • Cable is up 0.4% to $1.3165. The FTSE is ahead 0.2%.
    • The Bank of England sat on its hands last week, but promised a rate cut in August. Will it be able to talk its way out of it?
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Wed, Jul. 20, 7:45 AM
  • Thu, Jul. 14, 7:06 AM
    • The Bank of England surprises the markets by holding policy steady. The bank does say it reviewed a range of stimulus measures, and that most expect to cut rates at the August meeting. One of the nine members voted for a 25 basis pints rate cut today.
    • The pound (NYSEARCA:FXB) has reversed from losses to a 1.5% gain vs. the dollar, and is now buying $1.3340.
    • Up nicely ahead of the news, Europe's Stoxx 50 (NYSEARCA:FEZ) has given some back, now up 0.55%. The FTSE 100 (NYSEARCA:EWU) has moved just into the red.
    | Thu, Jul. 14, 7:06 AM | 30 Comments
  • Tue, Jul. 12, 1:22 PM
    • "Our base case is we will have a recession," says Richard Turnill, chief investment strategist at BlackRock. "There's likely to be a significant reduction of investment in the U.K."
    • Not only will there be recession next year, but BlackRock expects at least 50 basis points to be shaved from economic growth in each of the next five years. The team expects the Bank of England this week to cut its benchmark rate from the current all-time low of 0.50% to zero.
    • As for Europe, the fallout will result in "materially lower" growth. For the U.S. and Japan, the effect will be more moderate.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Tue, Jul. 12, 1:22 PM
  • Mon, Jul. 11, 7:24 AM
    • Noting support of less than 25% of Tory MPs, Andrea Leadsom has withdrawn from the race to succeed David Cameron as prime minister. It leaves Home Secretary Theresa May unopposed to lead the party.
    • Her withdrawal statement gives the impression things are going to move fairly quickly to install May as PM.
    • The FTSE 100 (NYSEARCA:EWU) is higher by 0.85%, and the pound (NYSEARCA:FXBby 0.2% to $1.2979.
    | Mon, Jul. 11, 7:24 AM | 17 Comments
  • Wed, Jul. 6, 12:18 PM
    • Sterling has already plunged to a 31-year low in the area of $1.29, but it's got another 7-11% downside, say the big banks, with Goldman and Citi seeing a bottom around $1.20, and Deutsche $1.15 by year-end.
    • The first wave of selling was in response to the Brexit vote, and the 2nd, they say, will come thanks to the Bank of England's policy response.
    • “Our aggressive forecasts may still be under-stating the level of weakness," says George Saravelos, co-head of fx research at Deutsche.
    • ETFs: FXB, GBB
    | Wed, Jul. 6, 12:18 PM | 11 Comments
  • Wed, Jul. 6, 11:10 AM
    • Cashing out of stocks in one thing, but unloading that office building or shopping mall by the close of business is a different story. Henderson Global Investors suspends dealings in its £3.9B U.K. property fund, becoming the fourth such outfit to do so this week.
    • The FTSE 100 (NYSEARCA:EWU) is lower by 1.45% ahead of the close, outperforming Europe once again, where most major markets are down 2% or more.
    • That's in nominal terms, of course. The British pound (NYSEARCA:FXB) has taken out new three-plus decade lows, now down 1% vs. the dollar at $1.2892.
    • Faring worst in the U.K. are the banks. RBS (RBS -7.7%), Lloyds (LYG -8.9%), Barclays (BCS -3.6%), HSBC (HSBC -1%).
    | Wed, Jul. 6, 11:10 AM | 13 Comments
  • Tue, Jul. 5, 11:55 AM
    • M&G Investments suspends action on the £4.4B Property Portfolio fund, making it the third U.K. asset manager to do so after the Brexit vote sparked a flurry of redemptions.
    • Source: Bloomberg
    • Aviva Investors suspending trading in a fund earlier today, and Standard Life did the same yesterday.
    • The pound (NYSEARCA:FXB) continues to tumble, now off a full 2% today vs. the dollar at $1.3020. At least in nominal terms the FTSE (NYSEARCA:EWU) is doing fine, closing higher by 0.35% today while broader European markets (NYSEARCA:FEZfell nearly 2%.
    | Tue, Jul. 5, 11:55 AM | 12 Comments
  • Tue, Jul. 5, 9:05 AM
    • Cable (NYSEARCA:FXB) is lower by 1.65% today to $1.3061 - taking out by a decent margin the panicky lows set following the shock Brexit vote. Alongside that move vs. the dollar, the pound has also tumbled to nearly a three-year low against the euro (NYSEARCA:FXE).
    • It's leading to interesting action in equities, with the FTSE 100 (NYSEARCA:EWU) cruising along to a modest gain today, while Europe's Stoxx 50 (NYSEARCA:FEZtumbles 1.5%, led by a 1.6% decline in German (NYSEARCA:EWG).
    • The Bank of England's Mark Carney late last week more or less promised a rate cut this summer, and hinted at more QE, if necessary.
    • ETFs: VGK, HEDJ, FEZ, IEV, EPV, EZU, FEU, EURL, DBEU, EEA, FEP, HEZU
    | Tue, Jul. 5, 9:05 AM | 3 Comments
  • Sun, Jul. 3, 3:19 PM
    • Chancellor of the Exchequer George Osborne tells FT he is planning to slash corporate taxes to less than 15% (vs. current 20%) in an effort to woo business deterred from investing in a post-Brexit Britain as part of his new five-point plan to galvanize the economy.
    • Plan focuses on investment from China, support for bank lending, redoubling investment in Northern England, and maintaining fiscal credibility.
    • Osborne wants to set the lowest corporate tax rate of any major economy. He says Britain should “get on with it” to prove to investors that the country was still “open for business.”
    • Osborne said whoever becomes PM "should seek maximum access to the EU single market for Britain’s goods, services and financial services, but conceded that could be curtailed by the fact that voters in last month’s referendum also want restrictions on EU migration."
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Sun, Jul. 3, 3:19 PM | 5 Comments
  • Sun, Jul. 3, 2:30 PM
    • via Morgan Stanley:
    • "The bottom line is that Brexit is ultimately a political crisis and one that is not likely to be resolved in a hurry. There will be many twists and turns in the path to ultimate resolution.
    • "There may yet be circumstances that give rise to bigger systemically risky events. For now, we don't think we are quite there and we feel that the current architecture of the global financial system is more resilient than it used to be when the last big storm hit us.
    • "That said, caution is clearly warranted. The global economy was not in great shape pre-Brexit and is now worse. There is likely to be more downside to come, particularly in European equities and in GBP.
    • "We see US assets across the spectrum - stocks, FX, credit and government bonds - as relative safe havens, and parts of securitized products, particularly US resi credit and broad exposure to US housing, as being relatively insulated."
    • ETFs: FXE, XHB, ITB, EUO, REZ, ERO, EUFN, DRR, CEE, TRF, PKB, ULE, GUR, EUFX, ESR, URR, IFEU, HOML, HBU, HBZ, NAIL, HOMX, CLAW, DBSE, FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Sun, Jul. 3, 2:30 PM | 6 Comments
  • Thu, Jun. 30, 11:09 AM
    • "The result of the referendum is clear. Its full implications for the economy are not," says Mark Carney.
    • "The economic outlook has deteriorated and some monetary policy easing will likely be required over the summer."
    • The pound (NYSEARCA:FXB) has tumbled about 100 pips since the speech hit. It's now buying $1.3328. The FTSE (NYSEARCA:EWU), meanwhile, has risen to session highs, now up 1.35%.
    | Thu, Jun. 30, 11:09 AM | 24 Comments
  • Thu, Jun. 30, 8:06 AM
    • Surprising all, former London Mayor Boris Johnson says he won't run for leadership of the Conservative Party and therefore the role of Prime Minister.
    • His decision comes after Justice Secretary Michael Gove - a fellow Brexit supporter who was thought to be backing Johnson - announced his own bid for the leadership role.
    • “I have come, reluctantly, to the conclusion that Boris cannot provide the leadership or build the team for the task ahead,” says Gove.
    • The FTSE is down a hair today, but just above the level it stood at prior to Thursday's vote. Sterling is flat at $1.3428.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Thu, Jun. 30, 8:06 AM | 18 Comments
  • Tue, Jun. 28, 12:51 PM
    • It's not exactly a rip-roaring bounce, but it's a bounce nonetheless, with the Stoxx 50 (NYSEARCA:FEZ) closing up 2.1%, led by 2.6% gains in the U.K. (NYSEARCA:EWU) and France (NYSEARCA:EWQ). Germany (NYSEARCA:EWGrose 1.9%.
    • Alongside is a pretty lame rebound in the pound (NYSEARCA:FXB), up 0.8% vs. the dollar to $1.3330.
    • Meanwhile interest rates aren't really buying it. The 10-year U.S. Treasury yield is up just 3 basis points to 1.46%, and the German 10-year Bund yield higher  by just 1 basis point. TLT +0.2%, TBT -0.4%
    • The Nasdaq's 1.6% gain is leading U.S. stocks. The S&P 500 is up 1.1% and the Dow 0.9%.
    | Tue, Jun. 28, 12:51 PM | 8 Comments
  • Mon, Jun. 27, 4:35 PM
    • Fitch lowers the U.K.'s credit rating to AA from AA+, joining S&P's action earlier this afternoon. The outlook remains negative (as it does with S&P).
    • "Uncertainty following the referendum outcome will induce an abrupt slowdown in short-term GDP growth, as businesses defer investment and consider changes to the legal and regulatory environment," says the agency, lowering its outlook for GDP growth this year to 1.6% from 1.9%.
    • Moody's hasn't cut yet, but did lower its outlook to negative last Friday.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Mon, Jun. 27, 4:35 PM | 12 Comments
  • Mon, Jun. 27, 2:24 PM
    • "This outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework," says S&P, cutting the U.K. to AA from AAA. The outlook remains negative, meaning another cut could be in the offing.
    • Noted by the agency is the risk of a "marked deterioration" in external financing conditions, the role of sterling as a reserve currency, as well as the chance of "little England" - that is, an exit by Scotland and Northern Ireland from the U.K.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Mon, Jun. 27, 2:24 PM | 84 Comments
  • Sun, Jun. 26, 8:53 PM
    • Dow (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) futures are lower by 0.65% and Nasdaq 100 (NASDAQ:QQQby 0.8% in early Sunday evening action.
    • Also open for business are FTSE 100 (NYSEARCA:EWU) and Dax (NYSEARCA:EWG) futures, and they're off 2% and 1.5%, respectively.
    • In early Monday trade, Japan and Australia are in the green after their plunge on Friday.
    • The British pound (NYSEARCA:FXB) is down another 2.15% vs. the dollar and the euro (NYSEARCA:FXE1%.
    • The 10-year Treasury yield (TLT, TBT) is off another five basis points to 1.50% - a new four-year low, and within shouting distance of its all-time low of 1.395% hit on July 23, 2012.
    | Sun, Jun. 26, 8:53 PM | 111 Comments
FXB Description
CurrencyShares British Pound Sterling Trust is designed to track the price of the British Pound Sterling net of Trust expenses, which are expected to be paid from interest earned on the deposited British Pound Sterlings.
See more details on sponsor's website
Country: United Kingdom
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