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Oct 14 - 12:55 PM

GBP: The Lady Is For U-turning But Our GBP Outlook Is Not - Credit Agricole

By eFXdata  —  Oct 14 - 10:55 AM

Credit Agricole CIB Research maintains a bearish bias on GBP over the coming weeks.

"The GBP has taken a cautious step back from the brink while global FX markets and risk assets have breathed a collective sigh of relief after the Truss government started dismantling its botched plan to boost UK growth with unfunded spending. Further policy U-turns would be needed to restore market confidence and help the oversold GBP regain more ground,' CACIB notes. 

Even if the UK government were to perform a complete U-turn on its pro-growth agenda and add a windfall tax on low-carbon energy producers to fund some of its cost-of-living measures, however, this won’t change our negative outlook on the GBP," CACIB adds. 

 

Source:
Crédit Agricole Research/Market Commentary

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