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Aug 24 - 12:55 PM

GBP: Improving Cyclical UK Momentum Poses Risk To Record Long EUR/GBP - MUFG

By eFXdata  —  Aug 24 - 10:45 AM

MUFG Research flags a scope for EUR/GBP correction to the downside over the coming weeks.

"The pound is deriving support from improving cyclical UK momentum. The UK is still benefitting from the lagged re-opening of the economy which trailed other major European economies.

While the euro-zone PMIs fell back sharply in August, the UK PMI continued to improve. The composite PMI rose by a further 3.3 point to 60.3 in August. It poses a challenge to the record long EUR/GBP (implied) positions that have been built up this month," MUFG notes. 

Source:
MUFG Research/Market Commentary

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