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Mar 12 - 03:55 PM

GBP/USD - Narrowing EU/UK Yield Spreads Favour Euro Upside Vs Sterling

By Justin Mcqueen  —  Mar 12 - 01:45 PM
  • Narrowing EU/UK yield spreads favour Euro upside vs sterling

  • As previously noted, 0.8500-0.8580 remains intact. 200-HMA (0.8548) caps

  • UK jobs data shows slowing momentum in labour market, backing BoE doves

  • That said, key mover for GBP will be CPI next week (Mar 20)

  • CPI miss would open the door for a June rate cut over August 0#BOEWATCH

  • Given room for a dovish repricing, GBP risks lean to the downside

  • COMMENT-Crowded positioning is a worry for sterling

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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