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British Pound Advances Towards 2.10

Tuesday, 06 November 2007 21:18:23 GMT | Kathy Lien, Chief Strategist

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Thursday, 29 November 2007 21:53:09 GMT Bank of England Offers Emergency Funds
Wednesday, 28 November 2007 20:57:33 GMT British Pound Rallies on BoE Comments
Tuesday, 27 November 2007 21:30:03 GMT British Pound: Waiting for More Direction
Monday, 26 November 2007 21:44:12 GMT British Pound: Licking Its Wounds
Friday, 23 November 2007 19:01:26 GMT British Pound: Up to 75bp of Easing Next Year
Wednesday, 21 November 2007 20:54:43 GMT British Pound Falls to 4 Year Low Against Euro
Tuesday, 20 November 2007 21:20:57 GMT British Pound Rallying Ahead of Bank of England Minutes
Monday, 19 November 2007 22:20:24 GMT British Pound: Still Weak But Losses are Becoming Limited
Friday, 16 November 2007 22:38:31 GMT British Pound Closes Its Worst Week Since The August Credit Crunch
Thursday, 15 November 2007 18:24:28 GMT British Pound Extends Losses Following Retail Sales Numbers
Wednesday, 14 November 2007 21:18:27 GMT British Pound: Possible Rate Cut in 2008
Tuesday, 13 November 2007 21:35:23 GMT UK Consumer Prices are Hot
Monday, 12 November 2007 21:51:42 GMT British Pound: Down 400 Pips
Friday, 09 November 2007 21:32:01 GMT British Pound Hit By Sharp Rise in Trade Deficit
Thursday, 08 November 2007 21:03:57 GMT British Pound: The Strongest of the Bunch?
Wednesday, 07 November 2007 20:44:49 GMT British Pound Takes Out 2.10
Monday, 05 November 2007 22:16:08 GMT British Pound Finally Succumbs to Weaker Economic Data
Friday, 02 November 2007 21:16:18 GMT British Pound Hits Highest Level Since 1991
Thursday, 01 November 2007 20:40:35 GMT British Pound Hit By Dollar Weakness Not Softer Economic Data
Wednesday, 31 October 2007 22:39:26 GMT British Pound Hits 26 Year High

In yesterday’s Daily Fundamentals, we said the biggest driver of British pound strength and weakness is US fundamentals and not UK fundamentals and today is a perfect example of that dynamic unfolding once again.

Both the GDP estimate and the BRC retail sales monitor were weaker than the prior month but neither was a surprise given the overall trend of weaker economic data. When compared to the upside surprises in Eurozone data, it is not hard to understand why EURGBP has been rallying three days in a row. Bank of England Governor King was also on the wires warning that it could be several months before banks return to normal. In the meantime, there is no UK economic data due for release tomorrow but the BoE will begin their 2 day monetary policy meeting.

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