The Pound Sterling (GBP) is doing quite well as the market continues to only price in a very modest easing cycle and the UK, by nature of its trade deficit with the US, may not be front and centre in the looming trade war, ING’s FX analyst Chris Turner notes.
EUR/GBP can reach 0.8200 before year-end
“Away from US politics, the focus in the UK this week will be data and Bank of England speeches. Wage and employment data is in focus tomorrow, while BoE Governor Andrew Bailey makes an important Mansion House speech Thursday evening.”
“Given that the UK economy has been performing quite well and Donald Trump's policies could prove inflationary, Bailey may not want to repeat his narrative that UK rates could be cut faster than expected. But let's see.”
“EUR/GBP is starting to look comfortable below 0.8300, and 0.8200 is very possible for EUR/GBP before year-end.”
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