iPath GBP/USD Exchange Rate ETN (GBB) - NYSEARCA
  • Nov. 27, 2013, 4:40 AM
    • U.K. Q3 GDP +1.5% on year vs preliminary estimate of +1.5% and +1.3% in Q2.
    • On quarter, GDP +0.8% vs +0.8% and +0.7%.
    • Total business investment +1.4% on quarter vs consensus of +2.3% and -2.7% in Q2.
    • Index of services +0.7% vs +0.4% and +0.6%. (PR)
    • The pound is -0.05% at $1.6209 and the FTSE is +0.35%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK
    | Nov. 27, 2013, 4:40 AM
  • Nov. 20, 2013, 10:40 AM
    • Cable wobbles just a bit after BOE minutes reveal members' concern about the sustainability of a strong economic recovery in the U.K.
    • "Overall, the balance of risks was judged to be on the downside ... there were uncertainties over the durability of the recovery."
    • Off slightly from recent highs, the pound is now buying $1.6162. Four months ago it was at just $1.48, but has been boosted by some unexpectedly robust economic numbers and an unexpectedly hawkish new BOE chief, Mark Carney.
    • ETFs: FXB, GBB
    | Nov. 20, 2013, 10:40 AM
  • Nov. 20, 2013, 4:34 AM
    • As expected, the Bank of England's Monetary Policy Committee voted unanimously to keep interest rates at 0.5% and against more quantitative easing at a meeting earlier this month.
    • The pound is flat at $1.6122; the FTSE is -0.2%. (PR)
    • ETFs: FXB, EWU, GBB, FKU, EWUS, DXPS, DBUK
    | Nov. 20, 2013, 4:34 AM
  • Nov. 13, 2013, 12:40 PM
    • The U.K. is the outlier in Europe, the FTSE 100 sliding 1.5% after the BOE upgrades its employment outlook, suggesting a rate hike maybe as soon as 2015. A broad European gauge, the Stoxx 50 (FEZ) fell just 0.5%.
    • The pound (FXB) is ahead by 0.8% to $1.6026, and getting near the point where the U.K. economy has screamed "uncle" several times over the past 4 years. Was it just 4 months ago when sterling could have been purchased for $1.48 as traders expected Mark Carney to initiate a new easing campaign after taking the reins at the Bank of England? Those expecting Janet Yellen to out-dove Ben Bernanke might well pay heed.
    • Related ETFs: FXB, EWU, GBB, FKU, EWUS, DXPS, DBUK
    | Nov. 13, 2013, 12:40 PM
  • Nov. 13, 2013, 5:54 AM
    • The Bank of England says unemployment may hit 7% in Q3 2014, suggesting the central bank may raise rates much sooner than expected.
    • Updated growth expectations: 2013, 1.6% versus 1.4% previous; 2014, 2.8% versus 2.5% previous.
    • The pound jumps 0.42% against the dollar on the news.
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB
    | Nov. 13, 2013, 5:54 AM
  • Nov. 13, 2013, 4:59 AM
    • The U.K. unemployment rate falls to 7.6% in the three months to September, data shows. That's the lowest rate since 2009 and is largely in-line with economists' expectations.
    • For Q3, the jobless total fell by 48K to 2.47M, while payrolls jumped 177K.
    • The BOE has promised to keep interest rates at 0.5% until the jobless rate falls to 7%.
    • Previously, the central bank said it could be mid-2016 before the employment threshold is hit, but some expect that forecast to be pulled forward today when the BOE delivers its quarterly inflation report.
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB
    | Nov. 13, 2013, 4:59 AM
  • Nov. 12, 2013, 5:03 AM
    • U.K. CPI slowed to +0.1% on month in October from +0.4% in September and was below consensus of +0.3%.
    • On year, inflation dropped to 2.2% from 2.7% and vs forecasts of 2.5%.
    • Core CPI +1.7%.
    • The drop in annual overall inflation moves the metric closer to the Bank of England's target of 2%. "Low inflation should allow monetary policy to continue to support a strong economic recovery in 2014-15," says Citigroup economist Michael Saunders.
    • Lower transport costs, including for motor fuels and air fares, and university tuition fees, provided the largest downward pressure on prices.
    • Factory output prices (PPI) fell 0.3% on month, the largest decline since June 2012.
    • The pound slides vs the dollar and is -0.7% at $1.5872, while the FTSE 100 is -0.2%. (PR)
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Nov. 12, 2013, 5:03 AM
  • Nov. 8, 2013, 4:41 AM
    • The U.K.'s total trade deficit widened slightly to £3.27B in September from £3.25B in August and came in well above consensus of £2.7B.
    • The deficit of goods grew to £9.82B from £9.56B and was above forecasts of £9.2B. The surplus of services was £6.5B.
    • The pound is -0.05% to $1.6088, while the FTSE is -0.3%. (PR)
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Nov. 8, 2013, 4:41 AM | 1 Comment
  • Nov. 7, 2013, 7:00 AM
    | Nov. 7, 2013, 7:00 AM
  • Nov. 6, 2013, 4:52 AM
    • U.K. industrial production grew 0.9% on month in September, recovering from a drop of 1.1% in August and topping consensus of +0.5%.
    • On year, output +2.2% vs -1.5% and +1.8%.
    • Manufacturing production +1.2% on month vs -1.2% and +1.1%.
    • On year, output +0.8% vs -0.2% and +0.7%.
    • The pound is +0.4% at $1.6102, while the FTSE is +0.1%. (PR)
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Nov. 6, 2013, 4:52 AM
  • Nov. 5, 2013, 5:01 AM
    • U.K. services PMI jumped to its highest level in 16 years in October, rising to 62.5 from 60.3 in September.
    • The data adds to strong manufacturing and construction surveys, helping to send the all-sector PMI - a measurement of business activity across the U.K. private sector - to an all-time high of 61.5 vs 60.2 a month earlier.
    • In the services sector, backlogs of work and employment increased markedly, although cost inflation accelerated due to higher utility and wage bills.
    • The latest PMI data is consistent with quarterly GDP growth of 1.3% and private-sector job creation of over 100,000 positions.
    • The pound takes a jump and is +0.4% to $1.6036, although the FTSE, which was already lower, falls further and is -0.65%. (PR)
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Nov. 5, 2013, 5:01 AM
  • Nov. 4, 2013, 4:41 AM
    • U.K. construction PMI climbed to 59.4 in October from 58.9 in September, marking the sharpest rise in output for just over six years.
    • Residential construction remained the strongest performing area, says Markit, although civil engineering and commercial activity also enjoyed robust growth, while job creation accelerated at the fastest pace in six years.
    • "The latest construction PMI survey signals that job hiring and input buying are now rising in tandem with greater new business inflows," says Markit's Tim Moore.
    • The FTSE 100 is +0.4%, while the pound is flat at $1.5958. (PR)
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Nov. 4, 2013, 4:41 AM
  • Nov. 1, 2013, 5:45 AM
    • U.K. manufacturing PMI slipped to 56 in October from 56.7 in September and just missed consensus of 56.1.
    • Order inflows strengthened as domestic and overseas demand improved, while purchase-price inflation eased further.
    • The FTSE is flat, while sterling is -0.3% at $1.5994. (PR)
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Nov. 1, 2013, 5:45 AM
  • Oct. 29, 2013, 4:00 PM
    • In a classic bit of "buy the rumor, sell the news" action, cable is off about 200 pips since the U.K. printed a 3-year GDP growth high of 0.8% on Friday. The pound may just be taking a break from a powerful rally from $1.48 to $1.62 in the four months since Mark Carney came on board the Bank of England.
    • Baking the shorts who expected him to loosen policy even further, Carney has leaned hawkish since taking the post. The momentum has analysts raising their Q1 estimates for the pound (vs. the euro) more than any other currency.
    • If any shorts still have any capital left ... The pound “fully reflect(s) some of the more positive news we’ve had coming from the U.K," says Morgan Stanley's Ian Stannard. “Much of that now is now fully priced-in, so I think it’s going to be difficult for sterling to maintain those gains.”
    • ETFs: FXB, GBB.
    | Oct. 29, 2013, 4:00 PM
  • Oct. 25, 2013, 5:09 AM
    • As expected, U.K. GDP grew at the fastest rate since 2010, increasing a preliminary 0.8% on quarter in Q3 vs 0.7% in Q2.
    • On year, GDP +1.5%, as expected.
    • Agriculture grew 1.4% on quarter, production 0.5%, construction 2.5% and services 0.5%, with the latter sector now 0.6% above its pre-crisis peak. However, the U.K. economy is still 2.5% smaller than that level. (PR)
    • The FTSE spikes and is +0.8%, while the pound is +0.1% after skipping higher and then falling back.
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Oct. 25, 2013, 5:09 AM
  • Oct. 23, 2013, 4:34 AM
    • The Bank of England's Monetary Policy Committee voted unanimously to keep interest rates at 0.5% and against more quantitative easing at a meeting earlier this month.
    • The pound is -0.4% at $1.6173; the FTSE is -0.5%. (PR)
    • ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.
    | Oct. 23, 2013, 4:34 AM
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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