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Jun 05 - 01:24 PM
GBP: Bounces On A 'Half-Decent' PMI Because Its Cheap But Not A Buy Yet - SocGen
First appeared on eFXplus on Jun 05 - 11:45 AM

Societe Generale Cross Asset Strategy Research discusses GBP outlook and adopts a cautious stance around current levels.

"...going to struggle to like GBP in this climate but the bounce after a half-decent PMI sums up the underlying market bias.

A PMI that suggests Q2 PMI could bounce by 0.4% after a 0.1% Q1 gain doesn't point to growth much over 1% but it makes nice ‘bounce' headlines and sterling has duly reacted, because it is cheap down here, even if it's cheap for very, very good reason," SocGen argues. 

Société Générale Research/Market Commentary


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