iPath GBP/USD Exchange Rate ETN(GBB)- NYSEARCA
  • Tue, Sep. 27, 3:00 PM
    • Among the issues on the approved list are those from General Electric, United Utilities Group, and Rio Tinto. The 18-month plan aims to buy £10B investment-grade (non-financial company) bonds, and yields are already at record lows before it even gets started.
    • A similar exercise from the ECB has yielded little in the way of boosted economic growth, though it has driven yields to even crazier low levels.
    • "This will almost certainly become another example of a failed attempt by a central bank to generate growth and inflation,” says Nomura's Richard Hodges.
    • “It just means we will all be buying more expensive assets and taking more risk by extending further along the yield curve and down the credit-quality curve.”
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Tue, Sep. 27, 3:00 PM
  • Fri, Sep. 16, 8:57 AM
    • One of the leaders of the "Project Fear" campaign aimed at scaring Brits from voting to leave the EU, Bank of England Governor Mark Carney says the U.K. now has "tremendously exciting" opportunities to open up trade with the world beyond the EU.
    • "Most countries want to trade with the U.K. and there are a number of countries including Canada, Australia, a number of the big emerging markets, who I’m quite confident will want to have deeper trading relationships," he now admits.
    • He made the remarks while speaking to a group of teenagers at a school, and revealed some of his own school nicknames, including his personal favorite, "Carnage."
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Fri, Sep. 16, 8:57 AM
  • Thu, Sep. 15, 7:07 AM
    • As expected, the Bank of England makes no changes to monetary policy after having unleashed its bazooka last month. The benchmark bank rate stays at 0.25% and the boosted QE program remains in place.
    • The FTSE remains higher by 0.3% and the pound flat vs. the dollar at $133.26.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Thu, Sep. 15, 7:07 AM | 1 Comment
  • Thu, Sep. 1, 5:38 AM
    • The pound is +0.95% following strong manufacturing data out of the U.K.
    • The data, the second set released since the Brexit vote, came in at 53.3 vs. expectations of 49, and vs.48.3 in July.
    • ETFs: FXB, GBB
    | Thu, Sep. 1, 5:38 AM | 2 Comments
  • Thu, Aug. 4, 7:08 AM
    • The Bank of England unveils its bazooka, slashing its benchmark Bank Rate by 25 basis points to 0.25%, and restarting its dormant QE program.
    • The asset purchases are expanded from just government paper (another £60B) to U.K. corporate bonds (up to £10B) as well.
    • The news has the FTSE 100 higher by 1%, and the pound lower by 1%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Thu, Aug. 4, 7:08 AM | 33 Comments
  • Wed, Aug. 3, 1:05 PM
    • It's universally accepted that the U.K. central bank will slash interest rates to record lows tomorrow to help counter the fallout from the Brexit vote, but the real risk to the economy is a Brexit boom, not bust, writes Matthew Lynn.
    • The economy, he says, was doing just fine prior to the vote, and the pound has plunged since, which should provide a nice jolt of stimulus. Plus, the government has "effectively abandoned fiscal restraint." What exactly is the argument for a rate cut on top of all this?
    • Yes, surveys show a knock to consumer and business confidence since the vote, but how could there not be given all the talk of a post-Brexit crash? Hard data paint a different story, with unemployment continuing to fall and wages rising. Retail sales are sluggish, but the soggy summer is probably behind that.
    • The sensible move, concludes, Lynn, is for the bank to postpone any rate cuts (or boosted QE) until more compelling evidence of a slowdown presents itself.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Wed, Aug. 3, 1:05 PM | 9 Comments
  • 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
  • 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
  • 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
  • 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, 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
  • 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
  • Mon, Jun. 20, 5:30 PM
    • An ORB poll has 53% of voters saying they will vote to "remain," and 46% "leave." A YouGov/Sunday Times polls puts the remain camp ahead 44% to 43%.
    • Last week both polls showed those wanting to exit the EU having the upper hand.
    • Meanwhile, Treasury Chancellor George Osborne, asked if he would consider shutting down the stock market in event of a post-Brexit selling panic on Friday morning (the vote is on Thursday), says he won't rule it out.
    • There's no word on whether the government is considering shutting down markets in event of a buying panic should the remain camp prevail.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR, HEWU
    | Mon, Jun. 20, 5:30 PM | 8 Comments
  • Mon, Jun. 20, 7:21 AM
    | Mon, Jun. 20, 7:21 AM | 11 Comments
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