iPath GBP/USD Exchange Rate ETN (GBB) - NYSEARCA
  • Nov. 28, 2011, 5:07 PM

    The U.K's expectation of a structural surplus by 2014-15 has been blown up by £30B due to the stagnant economy, Chancellor Osborne is set to admit tomorrow. The revised outlook also hits the 2013 budget, making the projected borrowing needs for that year worse than the PIIGS.

    | Nov. 28, 2011, 5:07 PM | 7 Comments
  • Nov. 28, 2011, 9:34 AM

    The U.K.'s CBI November retail sales survey tumbles to -19 from -11 previously - it's the 6th consecutive month in negative territory and the lowest reading since March 2009. Retailers expect further declines in December, but for the rate of decline to slow.

    | Nov. 28, 2011, 9:34 AM
  • Nov. 28, 2011, 3:25 AM

    The U.K. will lay out a series of programs tomorrow to spur growth, including £30B ($46.3B) for investments in infrastructure and as much as £40B for small business loan guarantees. Impact is unclear, as eurozone headwinds are growing and bond investors may get spooked by any move that veers away from austerity.

    | Nov. 28, 2011, 3:25 AM
  • Nov. 24, 2011, 6:29 AM
    U.K. 10-year borrowing costs are now cheaper than those of Germany for the first time since 2009, with gilts yielding 2.19% and bunds 2.21%. "Going, going..With German bunds yielding more than gilts, the euro crisis has moved into its final phase. Germany must act or it's game over," says Jeremy Warner.
    | Nov. 24, 2011, 6:29 AM | 5 Comments
  • Nov. 24, 2011, 6:18 AM

    U.K. Q3 GDP (second estimate) 0.5% M/M and Y/Y, in line with expectations. (PR)

    | Nov. 24, 2011, 6:18 AM
  • Nov. 23, 2011, 6:59 AM

    Bank of England minutes: Despite a weak U.K. economy and risks from the EU, members, felt additional QE (beyond the existing £75B program) was not warranted - not because they don't want to ease more - but because the gilt market couldn't handle a greater scale of purchases.

    | Nov. 23, 2011, 6:59 AM
  • Nov. 16, 2011, 7:14 AM

    The BoE lowers its already weak expectations for the U.K. economy, now predicting 2012 GDP growth of 1% vs. the 2% anticipated in August. As has been the case with the BoE for many moons, it is predicting inflation - currently at 5% - to fall back to its 2% target by 2013. "Particularly uncertain," says Gov. Mervyn King of the inflation forecast. You think?

    | Nov. 16, 2011, 7:14 AM | 1 Comment
  • Nov. 16, 2011, 5:44 AM

    U.K. Q3 unemployment 8.3%, +0.4% on the quarter, and the highest since 1996. Number of jobless +129,000 to 2.62M, the highest since 1994. (PR)

    | Nov. 16, 2011, 5:44 AM
  • Nov. 15, 2011, 11:16 AM
    Fiat money has its benefits as the U.K. joins Germany and Switzerland as a destination for safe money flows in Europe. Ten year Gilt yields drop to a record low 2.13% (against 1.76% for Bunds) even as inflation trips along at 5%. Not since the 70s have investors accepted such a high negative real rate to lend to the British government.
    | Nov. 15, 2011, 11:16 AM | 1 Comment
  • Nov. 15, 2011, 9:59 AM

    "The beginning of the end of elevated inflation," says Scotia Capital's Alan Clarke, responding to the drop in U.K. CPI. A price war among supermarket chains is credited with a 0.9% fall in food prices, which drove the overall print lower. Still, a 5% annualized rate remains well above the central bank's 2% target.

    | Nov. 15, 2011, 9:59 AM
  • Nov. 15, 2011, 5:25 AM

    U.K. October inflation 5% (5.1% forecast) vs. 5.2% in September, with the fall due to lower food, transport and gasoline costs.

    | Nov. 15, 2011, 5:25 AM | 1 Comment
  • Nov. 9, 2011, 4:59 PM
    An almost teflon market since EU shares started imploding, the U.K. may not continue its safe haven status if things on the continent continue to deteriorate, writes Jeremy Warner. The slowing EU economy will hit a floundering U.K. even more, destroying the government's deficit reduction plans. The country and its bond yields may "find itself in the same vicious cycle ... as Italy."
    | Nov. 9, 2011, 4:59 PM | 1 Comment
  • Nov. 1, 2011, 7:12 AM

    U.K. October PMI falls to 47.4 vs. 50.8 previously and expectations of 50.2. It's the worst result in more than 2 years, with the New Orders sub-index looking particularly ugly, sinking to 44.1. Cable -1% to $1.5925. FTSE 100 -2.6%. (PR, pdf)

    | Nov. 1, 2011, 7:12 AM
  • Nov. 1, 2011, 5:44 AM
    U.K. Q3 GDP +0.5% vs forecasts of 0.4%.
    | Nov. 1, 2011, 5:44 AM
  • Oct. 27, 2011, 9:25 AM

    A check of the currency markets shows the dollar longs getting fried in both the "risk on" and the "risk off" currencies. Risk on: The aussie +2.8% to $1.0685 (was $0.94 3 weeks ago!). Risk off: the greenback -1.9% vs. the swiss franc to CHF 0.8640, and don't forget a new low vs. the yen. UUP -1.4% premarket.

    | Oct. 27, 2011, 9:25 AM
  • Oct. 24, 2011, 10:47 PM
    PM David Cameron suffers a devastating blow to his leadership after more than 80 of his Tories defy him by voting in favor of a referendum on the U.K.'s EU membership. The lawmakers ignored a 3-line whip - the strictest of orders on how to vote - imposed by Cameron. The referendum was soundly defeated, thanks to support from Labor, but Mr. Cameron's ability to lead going forward may be in question.
    | Oct. 24, 2011, 10:47 PM | 1 Comment
GBB Description
The GBP/USD exchange rate is a foreign exchange spot rate that measures the relative values of two currencies, the British pound and the U.S. dollar. When the British pound appreciates relative to the U.S. dollar, the GBP/USD exchange rate (and the value of the Securities) increases; when the British pound depreciates relative to the U.S. dollar, the GBP/USD exchange rate (and the value of the Securities) decreases. The GBP/USD exchange rate is expressed as a rate that reflects the number of U.S. dollars that can be exchanged for one British pound in the interbank market for settlement in two days. Effective December 18, 2008 the GBP/USD exchange rate will be the rate reported each day on Bloomberg screen GBPUSD WMCO Curncy <GO> at approximately 4:00 p.m., London time, or any successor page.
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