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Feb 17 - 02:55 PM

GBP: Cautiousness Still Warranted; Staying Strategically Short For 1.10 - Credit Agricole

By eFXdata  —  Feb 17 - 01:30 PM

Credit Agricole CIB Research discusses GBP outlook and maintains a structural bearish bias, expressing that via holding a short exposure in spot targeting a move towards 1.10.

"Looking ahead into next week, focus will be on the preliminary PMI data for February as well as speeches by the BoE’s Sam Woods, Catherine Mann, Jon Cunliffe and Silvana Tenreyro," CACIB notes. 

"We worry that the upcoming data may show little signs of improvement so that FX markets would continue to worry about the near-term outlook of the UK economy. This coupled with more evidence that the views at the MPC on the BoE policy rate path from here continue to diverge considerably should leave the GBP at a disadvantage vs the USD and, to a somewhat lesser degree, EUR," CACIB adds. 

Crédit Agricole Research/Market Commentary


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