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Jan 07 - 12:55 PM

GBP: Starting To Look Expensive Vs EUR and USD S/T - Credit Agricole

By eFXdata  —  Jan 07 - 12:00 PM

Credit Agricole sees GBP a little expensive around current levels against both the USD and EUR.

"Our short-term FX fair value analysis further suggests that, after the latest FX market moves, the GBP is starting to look expensive vs both the EUR and the USD. Moreover, we expect two rate hikes from the BoE this year and doubt that the MCP will be able to meet the market expectations of almost four rate hikes," CACIB notes.

"With many positives seemingly in the price of the GBP, the currency could struggle to extend its recent gains in the absence of further support from the UK rates market," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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