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Aug 31 - 02:55 PM

GBP: Staying Bearish And Short GBP/USD For 1.15 By End Of September - Nomura

By eFXdata  —  Aug 31 - 01:00 PM

Nomura Research discusses GBP outlook and maintains a bearish bias and a short exposure in spot.

"We still wait for the outcome of the UK leadership contest for Prime Minister. Liz Truss has a comfortable lead over Rishi Sunak in conservative member polling and thus the focus of the market is instead on what fiscal package may be announced shortly after the contest outcome is decided (5 September)," Nomura notes. 

"We remain short GBP/USD (target 1.15 by end-September, conviction 3/5) with the BoE on the more dovish part of the central bank spectrum, high inflation expectations, UK politics raising the uncertainty premium and global growth expectations in decline," Nomura notes. 

Source:
Nomura Research/Market Commentary

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