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Aug 01 - 11:55 AM

GBP/USD - Scales New 5-Week Peak As 10-Year UST Yield Sags

By Rob Howard  —  Aug 01 - 09:55 AM
  • Cable climbs to 1.2273 as 10-year UST yield drops towards 2.62% (Friday low)

  • 1.2273 is highest level since June 28. 2.62% is lowest yield since April 7

  • Friday's low was 1.2065 -- before cable rallied through month-end London fix

  • GBP supported by scope for BoE's first 50 bps rate hike since 1995 this week

  • Forty six of 65 economists polled by Reuters expect 50 bps hike nL1N2ZD0UR

  • Offers may emerge pre-1.23 if GBP/USD extends north (1.2291 was June 28 top)

Source:
Refinitiv IFR Research/Market Commentary

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