46 unchanged sentences
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of March 31, 2024 was an annual nominal rate of 3.66%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2019:
+Added: The interest rate in effect as of June 30, 2024 was an annual nominal rate of 3.66%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2019:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
11 unchanged sentences
Results of Operations
−Removed: During the three months ended March 31, 2024 and 2023, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility resulting from expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, and the US banking sector turmoil for 2023, which are considered to be unusual or infrequent events.
−Removed: Although the full and
−Removed: direct impact of Fed easing expectations, rising geopolitical tensions, and the US banking sector turmoil, on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2024 and 2023 cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
−Removed: The British Pound Sterling (GBP/USD) ended the first quarter of 2024 flat with most of the moves driven by the USD.
+Added: During the three and six months ended June 30, 2024 and 2023, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility resulting from expectations around the Federal Reserve (Fed) easing and heightened geopolitical concerns for 2024, and the US banking sector turmoil for 2023, which are considered to be unusual or infrequent events.
+Added: full and direct impact of Fed easing expectations, rising geopolitical tensions, and the US banking sector turmoil, on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2024 and 2023 cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
+Added: The British Pound Sterling (GBP/USD) was flat in the second quarter of 2024.
+Added: While most of the moves were driven by the US dollar, British inflation also held up better than expected, helping the pair stay somewhat lifted despite dollar gains.
+Added: As US inflation continued to print above target, the Fed stuck to its more cautious tone, causing the markets to repeatedly push out rate cut expectations.
+Added: Higher interest rates generally boost the appeal of the country’s currency.
+Added: The British Pound Sterling (GBP/USD) continued higher in the second quarter of 2023 as the Bank of England (BoE) continued to hike rates aggressively to tame stubborn domestic inflation (the UK ended the quarter as the only G7 country that was still experiencing rising inflation), while the Fed was expected to pause amid the US banking sector turmoil and cooling US inflation.
+Added: While the Sterling dipped a bit in May on hawkish-Fed driven dollar strength, the pair spiked again in June, as a hawkish BoE returned to focus and the USD retreated.
+Added: The British Pound Sterling (GBP/USD) ended the first half of 2024 flat with most of the moves driven by the US dollar.
The Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for rate cuts.
−Removed: Higher rates generally provide support for the country’s currency.
−Removed: US economic resilience also boosted demand for the USD, pressuring the pair.
−Removed: The British Pound Sterling (GBP/USD) gained in the first quarter of 2023 largely driven by USD moves.
−Removed: In January, the currency pair rallied amid a falling USD, as speculation for a dovish pivot in Fed rate hike plans grew with US economic data coming in weaker-than-expected while UK inflation held steady.
−Removed: Though the currency pair did reverse sharply in February on a rebound in the dollar, following resilient labor market data and stickier-than-expected inflation in the US, the British Pound Sterling returned to gains in March with the USD once again turning lower.
−Removed: The Fed’s hawkish comments were largely discounted following the collapse of Silicon Valley Bank and resulting contagion fears.
−Removed: Additionally, the interest rate paid by the Depository has generally trended upward over the past year from zero, to the current interest rate of 3.66%, as set forth in the FXB Rate Chart above.
+Added: US economic resilience also boosted demand for the dollar, pressuring the pair.
+Added: However, British inflation also held up better than expected, dimming rate cut bets for the Bank of England, and provided some support on the downside.
+Added: The British Pound Sterling (GBP/USD) gained in the first half of 2023, with the Trust up nearly 6% year-to-date.
+Added: While in the first quarter, the Sterling was largely driven by US dollar moves, the Bank of England’s aggressive rate hikes to tame stubborn domestic inflation helped the pair rally significantly through March onwards.
+Added: The USD fell in early-March through early May on expectations for a dovish Fed pivot, especially in the midst of the banking sector turmoil and contagion fears.
+Added: However, the dollar rebounded in May, as the Fed signaled that there was potential for more interest rate hikes before year-end, which pressured the GBP/USD.
+Added: The Sterling spiked again in June, as the hawkish BoE returned to center stage and the dollar retreated.
+Added: Additionally, the interest rate paid by the Depository has generally trended upward over the past year to the current interest rate of 3.66%, as set forth in the FXB Rate Chart above.
As long as the interest income, if any, exceed the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.