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Oct 11 - 10:55 AM

GBP: Held Up Relatively Well While UK Bond Yields Have Jumped Higher But That Is Unlikely To Last - MUFG

By eFXdata  —  Oct 11 - 09:33 AM

MUFG Research maintains a bearish bias on GBP over the coming weeks. 

"The yields on UK bonds jumped sharply yesterday as they moved back towards the highs that were recorded prior to the announcement from the Bank of England that it would purchase gilts at the long end of the curve to counter financial stability risks. The renewed sell-off yesterday followed a further update from the BoE in which they confirmed that they still plan to end temporary gilt purchases at the end of this week," MUFG notes. 

"The pound has held up relatively well at the start of this week while UK bond yields have jumped higher, but that is unlikely to last for long. The next two important levels to watch are cable at 1.1000 and EUR/GBP at 0.8800," MUFG adds. 

Source:
MUFG Research/Market Commentary

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