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Sep 15 - 09:55 AM

AUD: No Reason To Buy Other Than Valuation; GBP: Mini-Bid N-Term - SocGen

By eFXdata  —  Sep 15 - 08:40 AM
Societe Generale Research discusses its bias on AUD and GBP in the near-term.
"Our Chinese economics team reckons the Chinese slowdown will prompt rate cuts, which is tangible, but when will it weaken the yuan - which appears glued into a narrow range? Even without that, however, we find no reason other than valuation (which doesn’t help) to like the Australian dollar," SocGen notes.
"On the other hand, even transitory inflation would be enough to make me wonder if the Bank of Canada might be forced to rethink easy policies before too long. And the UK data will keep up pressure on the MPC to raise rates in 2022. So sterling should keep its mini-bid," SocGen adds. 
Société Générale Research/Market Commentary


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