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Nov 01 - 02:55 PM

GBP: The Cold Days Are Here; GBP/USD Likely Into 1.12-1.13 Area By The End Of This Week - ING

By eFXdata  —  Nov 01 - 02:00 PM

ING Research maintains a bearish bias on GBP into this week's BoE policy meeting. 

"Our UK economist discusses four scenarios for the policy meeting here: our base case is a below-consensus 50bp hike, which would add pressure to the pound in our view," ING notes. 

"Interestingly, it appears that the pound extended losses yesterday after the UK meteorological office issued a warning that this winter may be colder than usual. If indeed mild temperatures have favoured the easing in energy prices recently, meteorological news may become increasingly relevant drivers for markets, which clearly remain on alert for risks of energy shortages and/or hits to some economies. European currencies including the pound are obviously the most affected.

The combination of a GBP-negative BoE and a USD-positive FOMC could press cable into the pre-Rishi Sunak 1.12-1.13 area by the end of this week," ING adds. 

Source:
ING Research/Market Commentary

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