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Jan 06 - 09:55 AM

GBP: Many Positives In The Price - Credit Agricole

By eFXdata  —  Jan 06 - 08:47 AM

Credit Agricole CIB Research discusses GBP outlook and adopts a neutral to slightly bearish bias over the medium term.

"Uncertainty about the all-important trade in services will persist after the underwhelming, bare-bones Brexit trade deal was struck in December, however, and this could soon put an end to the currency’s recent rally. Moreover, the risk of a double-dip UK recession has intensified following the third national lockdown and could force the BoE to ease again before long while the rates markets will continue to speculate about negative policy rates," CACIB notes. 

"We have a neutral to slightly bearish outlook on the GBP for 2021 and expect the currency to regain more ground only in 2022...Indeed, we believe that most positives associated with the Brexit deal are already in the price of the GBP," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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