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Sep 03 - 02:55 PM

GBP/USD: Room For Further Downside N-Term - MUFG

By eFXdata  —  Sep 03 - 01:30 PM

MUFG Research flags a scope for further GBP/USD downside correction in the near-term. 

"The scale of USD depreciation has helped to mask the weak fundamentals of the pound and with further BoE policy easing still likely, we see scope for the pound to retrace some of the recent gains versus the dollar," MUFG notes. 

"The reasons for GBP downside are clear – Brexit on the horizon, UK government furlough employee support programme due to roll off, fiscal stimulus waning, dovish BoE, potential for Scottish independence rearing its head once again, all the while the UK economy’s 20% power house that is central London remains a ghost town," MUFG adds. 

Source:
MUFG Research/Market Commentary

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