| Global Interest Rates | |||
 Australia |
7.25% | ||
 Canada |
3.5% | ||
 EMU |
4% | ||
 Japan |
0.5% | ||
 Swiss |
2.75% | ||
 England |
5% | ||
 US |
2.25% | ||
Fundamentals
GBP/USD Fundamental Outlook at 1500 GMT (EST + 0500)
GBP/USD Fundamental Outlook at 1500 GMT (EST + 0500)
The British pound weakened vis--vis the U.S. dollar today as cable tested bids around the US$ 1.9675 level and was capped around the $1.9795 level. Traders await Thursdays interest rate decision by Bank of Englands Monetary Policy Committee. Most dealers believe the MPC will keep rates unchanged but there may be some votes for a decline in rates despite significantly elevated rates of inflation because there is mounting evidence the U.K. economy is facing a broad slowdown. BCC reported there is a "serious risk" the U.K. economy could be in a recession by the end of the summer in its quarterly survey. Government housing data reported annual house prices slowed to their weakest level in more than two years while CML reported house loans increased slightly in May. Cable bids are cited around the US$ 1.9360/ 1.9100 levels. The euro came off vis--vis the British pound as the single currency tested bids around the ₤0.7940 level and was capped around the ₤0.7965 level.
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