Great Britain Pound: The Pound traded between 1.5640 and 1.5680 in Asia yesterday and started offshore trading at an intraday low of 1.5610 USD amid fears that the UK mortgage market may again come under financial pressures. Moody’s had assessed that British banks may struggle to refinance 319 billion pounds of mortgaged backed bonds as the Government prepares to wind down its Special Liquidity Scheme and Credit Guarantee Scheme. However the GBP gained 0.7% upon news that housing prices had increased 3.2% as the Sterling rallied back up to 1.5690 before hitting a high of around 1.5720 near the start of US trade. During holiday thinned US trade the Pound edged lower starting today at 1.5660 against the Greenback and 2.2450 versus the Kiwi.
- We expect a range today in the GBP/NZD rate of 2.2385 to 2.2500
Tuesday, February 16, 2010
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