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Aug 10 - 02:55 PM

GBP: Blackout Plans For The UK; Staying Bearish - MUFG

By eFXdata  —  Aug 10 - 01:30 PM

MUFG Research maintains a bearish bias on GBP over the coming weeks.

"The BoE is forecasting GDP contraction for five consecutive quarters commencing in Q4 2022 and the baseline assumptions do not assume energy supply restrictions that result in blackouts and potentially major disruptions so we’d expect this story if confirmed to undermine confidence in the outlook for growth even further," MUFG notes. 

"The pound is the 2nd worst performing G10 currency so far in August and we see no reason for that performance to change over the coming weeks," MUFG adds,. 

Source:
MUFG Research/Market Commentary

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