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Aug 17 - 12:55 PM

GBP: Nascent GBP Optimism Could Be Put To The Test In The Near-Term - Credit Agricole

By eFXdata  —  Aug 17 - 10:45 AM

Credit Agricole CIB Research maintains a cautious bias on GBP in the near-term.

"The nascent GBP optimism could be put to the test in the near term. Indeed, the focus in the next couple of weeks will be on the UK CPI, retail sales and PMI. With FX investors looking for more evidence of economic resilience ahead, chances are that potential economic disappointments could have a disproportionately greater market impact," CACIB notes. 

"Moreover, concerns about a renewed darkening of the economic outlook once government support for the labour market lapses in October could keep FX investors more cautious on the GBP. Furthermore, evidence that a compromise on the Brexit trade deal remains elusive could fuel investor uncertainty and dampen any GBP outperformance vs the USD and the EUR in the near term," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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