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Jul 08 - 10:55 AM

GBP: From Vaccine Hero To Delta Zero? - Credit Agricole

By eFXdata  —  Jul 08 - 09:37 AM

Credit Agricole CIB Research discusses GBP outlook and maintains a tactical bearish bias over the coming weeks.

"The GBP has gone from an investment vehicle for generating ‘Covid-19 vaccine alpha’ in the FX markets to a hedge against the resurgence of the pandemic in recent weeks. The rapid fall from grace of the hitherto G10 FX ‘vaccine champion’ warrants a cautious stance on the currency in the near term," CACIB notes. 

"Indeed, we see limited upside for the GBP, while some downside risks should persist even if, as we expect, the delta variant outbreak is ultimately brought under control and the UK economy reopens in the coming weeks," CACIB adds.

Source:
Crédit Agricole Research/Market Commentary

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