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Saturday, February 23, 11:01 AM A political bee sting, the Moody's downgrade of the U.K. has Treasury Chancellor Osborne pledging a redoubling of government deficit-cutting efforts. Those interested in a currency punt might have a look at buying pounds (FXB). Already fallen off a cliff in 2013, the downgrade sent sterling hurtling even lower in thin late trading. If this ratings action is as meaningless as most other sovereign downgrades, a sharp bounce may lie ahead. 6 Comments [Global & FX]
Wednesday, February 20, 11:20 AM U.K. inflation is high and likely to go higher, according to the BOE (which seems just fine with that), but it's even worse than that, according to Tullett Prebon's Tim Morgan. He's compiled an essentials index and it's risen 33% since 2007 vs. incomes up just 10%. The current rate of 4% is more than 100 bps over the official number. FXB -6% YTD. 2 Comments [Global & FX]
Wednesday, February 20, 7:00 AM Cable (FXB) whooshes down and continues a brutal 2013 selloff after BOE minutes suggest a move towards additional QE. Buying $1.5307, the pound is now off 10 big figures vs. the dollar in 2013 and trading at its lowest level in more than a year. It's at its lowest vs. the euro in about 18 months. 3 Comments [Global & FX]
Wednesday, February 13, 7:21 AM No currency wars here. Sterling renews its sharp 2013 decline as BOE Governor King has a "what me worry" attitude about the bank's forecast inflation is set to rise to 3%, and will stay above its 2% target until 2016. "This is not the result of easy monetary policy, nor does it reflect what's going on in the economy." When is King's retirement again? FXB -3.7% YTD. 15 Comments [Global & FX]
Thursday, February 7, 7:19 AM More from the Bank of England: Coming to a Fed decision near you? "CPI inflation is likely to rise further in the near term and may remain above the 2% target for the next two years ... it (is) appropriate to look through the temporary, albeit protracted, period of above-target inflation." Comment! [Global & FX]
Friday, February 1, 7:02 AM U.K. January PMI edges down to 50.8 from 51.2 previously and against expectations for 51. It's the 2nd print above 50 in a row for the economy which shrank in Q4. Good news on the surface, says David Noble of CIPS, but "deep-rooted problems remain." Notably, a "scarcity of export orders" thanks to weakness in Europe. Good news: Sterling continues its sharp slide vs. the euro. Comment! [Global & FX]
Monday, January 28, 10:41 AM Cable continues a sizable 2013 slide after incoming BOE Governor Mark Carney suggests he'll outdo even Mervyn King on stimulus. Monetary policy is far from "maxed out," he told the big shots at Davos, and more should be done even if inflation is above target (no worry, the British are used to it). FXB -0.7%. Comment! [Global & FX]
Friday, January 25, 7:21 AM Sterling +0.1% vs. the dollar after regaining nearly all it lost on news the U.K is one step closer to a triple-dip recession. Cable shorts - basking in a $0.05 drop in the currency in the days leading up to the report - likely found a good spot to cover and go enjoy their weekends. FXB -2.9% YTD. The FTSE +0.5%. Comment! [Global & FX]
Tuesday, January 22, 2:56 PM Sterling takes a big drop as BOE Governor King hints at additional QE, telling an audience Q4 GDP will likely be considerably weaker than Q3, and the bank stands ready for more stimulus "if needed." Cable is flat and buying $1.5840 vs. $1.5870 moments ago.
Comment! [Global & FX, Breaking News]
Monday, January 21, 5:36 AM With the eurozone looking a bit more secure, for now, and traders looking for new trends to bet on, the pound could lose its "safe-haven" status due to rising doubts about the U.K.'s future in the EU, says UBS analyst Shahab Jalinoos. The government might not mind if sterling would weaken a bit, although they might be concerned about a possible sell-off of gilts, which would push up borrowing costs. The pound is -0.8% at $1.5873. Comment! [Global & FX]
Monday, January 7, 1:15 PM Thanks to the EU debt crisis and fiscal follies in the U.S., the U.K. has managed to stay out of the papers, but the country's "frailties (will) emerge from the shadows," says HSBC. A sovereign downgrade looms, says the bank, and with it, a falling pound - which should help exports and stock prices. Comment! [Global & FX]
Wednesday, December 19, 2012, 7:36 AM Sterling continues to rise against the greenback (a new 2012 high today), but it's weaker vs. the euro after the BOE complains about its strength (meeting minutes earlier). "The deterioration in U.K. competitiveness over the past couple of years represented a potential headwind to the ability of U.K. exporters to benefit from a pickup in global growth." FXB +4.3% YTD. Comment! [Global & FX]
Thursday, December 13, 2012, 12:32 PM The U.K.'s credit outlook is moved to negative from stable at S&P, which affirms, for now, the country's AAA rating. "We now expect the U.K.'s net general governent debt as a percentage of GDP to continue to rise in 2015." Cable slides, -0.3% to $1.6096. 1 Comment [Global & FX, Breaking News]
Thursday, December 13, 2012, 10:29 AM Are bells ringing for bond bears? First incoming BOE Governor Mark Carney lauds the idea of nominal GDP targeting, then the Fed axes its inflation target in favor of a focus on lower unemployment. Now U.K. Treasury Chancellor Osborne says he would consider scrapping that country's 2% inflation target in exchange for something more growth-oriented. 4 Comments [Global & FX]
Wednesday, December 12, 2012, 11:29 AM Is nominal GDP-level targeting coming to the U.K.? The dream of Keynesians for years, NGDP targeting has the central bank focusing on a certain level of economic activity rather than inflation as a goal, and current BOC, but soon-to-be BOE Governor Carney spoke admirably of the tool yesterday. 3 Comments [Global & FX]
Wednesday, December 12, 2012, 8:47 AM I want this guy's job. HSBC's David Bloom says the pound would be put under severe pressure should the U.K. be downgraded next year. "What I'm really worried about next year is that the U.K. will look like the ugliest out of the three ugly sisters." Meanwhile, cable +0.2% to $1.6138 amid sliding unemployment reported this morning. Comment! [Global & FX]

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iPath GBP/USD Exchange Rate ETN