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May 09 - 12:55 AM

ING: GBP Into May BoE Meeting

By eFXdata  —  May 08 - 04:30 PM


ING predicts that the upcoming Bank of England (BoE) meeting will not significantly weaken the GBP, despite the current bearish positioning ahead of the event. The EUR/GBP rate has shown resilience early this week, influenced by recent US monetary policy events.

Key Points:

  • EUR/GBP Resilience: The pair has maintained levels above 0.8600, finding support from shifts in the EUR:GBP short-term rate differential post-US monetary developments.
  • Sensitivity to Fed Pricing: The sterling curve shows more sensitivity to Federal Reserve movements than to those of the European Central Bank, influencing the current market stance on GBP.
  • BoE Meeting Expectations: While the market has adopted a bearish view on GBP due to external factors, ING does not foresee the BoE's upcoming decision causing further significant weakening of GBP.


ING suggests that the GBP's response to the BoE meeting may be subdued, with limited additional weakening expected. The bank advises keeping an eye on the EUR/GBP pair as it navigates through central bank influences from both the Fed and the BoE.

ING Research/Market Commentary


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