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iPath GBP/USD Exchange Rate ETN (GBB)

- NYSEARCA
  • Tue, Apr. 7, 4:50 AM
    • The U.K. services PMI jumped to a seven-month high of 58.9 in March from 56.7 in February, boosted by a stronger rise in new business.
    • The latest PMI surveys indicate that the economy grew 0.7% in Q1, says Markit, following a slowdown late last year.
    • "Faster growth of new business and improved expectations...bode well for the upturn to retain strong momentum," says Markit, adding that the "the lack of inflationary pressures" suggest that a first rate hike "remains some way off."
    • The pound sinks and is -0.3% at $1.4837, while the FTSE 100 is +1.2%. (PR)
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • Mon, Mar. 2, 5:58 AM
    • U.K. manufacturing growth hit a seven-month high in February as domestic strength offset weakness in Britain’s main export markets.
    • "This reinforces the picture of a broader growth revival in the U.K. so far in the opening quarter," said Markit's Rob Dobson, but warned that the upturn relied on the manufacture of consumer goods, rather than plant and machinery which would reflect improving business investment.
    • Markit's PMI rose a full point to 54.1 from a revised 53.1 last month, beating all economists' forecasts.
    • The pound is down 0.2% at $1.5414, while the FTSE 100 is +0.3%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK
    | Comment!
  • Wed, Feb. 18, 6:16 AM
    • Bank of England officials voted unanimously to leave the central bank’s benchmark interest rate unchanged at 0.5% this month and the stock of assets purchased under its bond-buying program unchanged at £375B.
    • Although a unanimous opinion was reached today, one member of the panel concluded the next change in monetary policy in Britain was roughly just as likely to be a loosening as a tightening.
    • The pound is -0.3% at $1.1380, while the FTSE 100 is +0.1%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK
    | Comment!
  • Tue, Feb. 17, 6:01 AM
    • U.K. inflation fell more than economists forecast in January, dropping to a record low as food and fuel prices tumbled.
    • Consumer-price growth slowed to 0.3% from 0.5% in December, the lowest since the data series began in 1989. Economists had forecast a 0.4% rate in January.
    • As the Bank of England cut its near-term inflation projections last week to reflect the drop in oil prices, Governor Mark Carney warned the rate could fall into deflationary territory in the coming months.
    • The pound is +0.2% at $1.5391, while the FTSE 100 is +0.5%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK
    | 3 Comments
  • Thu, Feb. 12, 7:29 AM
    • The pound (NYSEARCA:FXE) popped more than 100 pips in minutes about two hours ago after the Bank of England's quarterly inflation report forecast inflation returning to above the 2% target level in three years.
    • Speaking at a press conference, Governor Mark Carney says the bank will look through the current slump in energy prices, making the next move in monetary policy a rate hike.
    • Europe is rallying today on a Ukraine cease-fire deal, but the FTSE (NYSEARCA:EWU) isn't participating, up just 0.1%. The pound is higher by 0.8% to $1.5349.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | 1 Comment
  • Dec. 1, 2014, 6:15 AM
    • U.K. manufacturing PMI edged up to its highest level in four months, rising slightly to 53.5 in November from 53.3 in October and topping consensus of 53.0.
    • Domestic demand offset falling exports due to sluggish orders from the euro zone and emerging markets.
    • The pound gets a lift and is up 0.5% at $1.5712, while the FTSE 100 is -0.7%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK
    | Comment!
  • Oct. 17, 2014, 4:23 AM
    • With bond markets guessing that interest rates could increase in the middle of next year, Andrew Haldane said that this is "not a bad bet."
    • In June, markets had been predicting a hike in November based on Haldane's thoughts.
    • The pound is -0.15% while the FTSE 100 is +1%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    • Previously
    | Comment!
  • Oct. 17, 2014, 3:54 AM
    • The Bank of England's chief economist, Andrew Haldane, has said that the BOE might need to maintain interest rates at a record low of 0.5% for longer than expected, due to the stuttering global economy, and financial and political risks.
    • Saying that the U.K. economy is "writhing in both agony and ecstasy," Haldane fears that Britain could slip into "secular stagnation," or a long period of poor growth.
    • The pound is -0.2% after dropping sharply and then recovering a bit, while the FTSE 100 is +0.8%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • Oct. 15, 2014, 5:06 AM
    • U.K. unemployment for the three months to August fell to a six-year low of 6% from 6.2% previously and came in below consensus of 6.1%.
    • The number of people without a job dropped to below 2M for the first time since 2008, declining 538,000 on year to 1.97M for the largest annual fall on record.
    • However, average earnings rose just 0.7%, as expected but below the inflation rate of 1.2%. (PR)
    • The pound is +0.1% at $1.5916 and the FTSE is -1.35%.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • Oct. 14, 2014, 4:56 AM
    • U.K. CPI was flat on month in September, down from +0.4% in August and below forecasts of +0.2%.
    • On year, inflation dropped to a five-year low of 1.2% from 1.5% and missed consensus of +1.4%.
    • Core inflation +1.5% on year vs +1.9% previously and predictions of +1.8%.
    • "Falls in transport costs (notably sea fares and air fares) and prices for a range of recreational goods provided the largest contributions to the slowdown in the rate of inflation between August and September," the U.K.'s Office for National Statistics says. (PR)
    • Factory output prices (PPI) stayed at -0.1% on month, as expected. (PR)
    • "Inflation falls much faster than expected...kiss goodbye to a U.K. rate hike any time soon," tweets Reuters' James McGeever.
    • The pound adds to its losses and is -0.7% at $1.5974, while the FTSE 100 is -0.5%.
    • Earlier: U.K. retail sales tumble
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • Oct. 14, 2014, 3:33 AM
    • U.K. comparable retail sales surprisingly slumped 2.1% on year in September after rising 1.3% in August and badly missed forecasts for a rise of 1%.
    • Food sales continued to fall, while and clothing and footwear sales hit record lows.
    • The pound is -0.2% at $1.6051, while the FTSE 100 is -1.5%. (PR)
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | 2 Comments
  • Sep. 17, 2014, 7:30 AM
    • The unemployment rate fell to 6.2% from 6.4% in the three months ending in July, the lowest level in six years. A separate gauge, the claimant measure fell to 2.9%, also the lowest since 2008. Wages remain sluggish though, with basic pay rising an annual 0.7% during the quarter, matching a record low.
    • The one thing holding back rate hikes in the U.K. is that slow wage number, according to Bank of England chief Mark Carney.
    • In separate news, the BOE minutes show MPC members again split 7-2 on keeping the benchmark rate at 0.5% (2 wanted a hike).
    • The pound is higher by 0.3% vs. the dollar and buying $1.6320.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • Sep. 16, 2014, 4:39 AM
    • Hedge funds are cutting their long positions on cable, as the gap between "yes" and "no" votes for Scottish independence narrows.
    • According to French asset management group Lyxor, investors on average have cut their positions from from 5% of their net assets at the end of May to -1.3% in early September.
    • Last week, the pound fell to $1.60, its weakest level in nearly a year, due to the uncertainty of Scotland's future.
    • Sterling is lower by 0.4% vs. the dollar to $1.6168. FTSE -0.4%.
    • Pound ETFs: FXB, GBB
    • British equity ETFs: EWU, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • Sep. 11, 2014, 7:45 AM
    • There's a lot being made of last weekend's poll showing a majority of Scottish voters for the first time favoring independence, but in the spot where folks need to put money behind their opinions, it's not even close.
    • Wagers placed at Betfair Group show an 80% chance of a "No" vote for independence - roughly £4M has been placed on no and just £1M placed on yes. "The big money trades continue to go on no, fueled by significant bets from south of the border," says Betfair.
    • The easiest way to play a "No" vote (referendum is Sept. 18) would probably be to buy pounds, but, alas, it's bounced by nearly 200 pips since diving Monday morning in wake of the weekend poll.
    • ETFs: FXB, GBB
    • Other possibilities would include buying the British banks - BCS, RBS, LYG, HSBC, OTCPK:SCBFF - which have also been under pressure on worry of a break-up.
    • Previously: RBS, Lloyds to relocate if Scottish independence announced
    | Comment!
  • Sep. 10, 2014, 4:55 AM
    • Although largely keeping out of the public debate until now, Prime Minister David Cameron beseeched Scots this morning to shun independence.
    • "We do not want this family of nations to be ripped apart," says Cameron, but "if the U.K. breaks apart, it breaks apart forever."
    • Several recent polls have shown an increase in support for independence ahead of next week's vote, spooking financial markets and raising the largest challenge to the U.K. since Irish independence almost a century ago.
    • Pound ETFs: FXB, GBB
    • British equity ETFs: EWU, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • Sep. 9, 2014, 7:25 AM
    • "If interest rates were to follow the path expected by markets - that is, beginning to increase by the spring and thereafter rising very gradually,” inflation would reach the 2 percent target and 1.2 million jobs would have been created, Carney says, speaking  at the annual Trades Union Conference in Liverpool. “In other words, we would achieve our mandate.”
    • "The recovery has exceeded all expectations [and] has momentum ... You can expect interest rates to begin to increase."
    • Headed south nearly all summer and tumbling further yesterday amid rumblings of a "yes" vote for Scottish independence, the pound erases today's losses after Carney's speech and is now up 0.1% on the session at $1.6116. The FTSE is flat for the day.
    • ETFs: FXB, EWU, GBB, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
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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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