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Feb 08 - 10:55 AM

GBP: Remember To Sell GBP Before The Bounce Reverses - SocGen

By eFXdata  —  Feb 08 - 09:30 AM
Societe Generale Research likes selling GBP rallies in the near-term.
"Day-to-day, we’re in the doldrums. The US rates market has had a post-NFP adjustment, but Jay Powell didn’t sound hawkish enough for that to go far. The front end is pricing a spell of rates being above 5% (which makes sense) while the long end has reacted less and yields are a long way off the year’s highs, even if the majority of clients think the Fed will eventually have to go further than is priced in," SocGen notes. 

"The dollar’s had a small bounce, amid the lack of new news, and even GBP and NOK are seeing some short covering. Just got to remember to sell GBP before this little bounce reverses," SocGen adds. 

Société Générale Research/Market Commentary


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