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GBP/USD could slip to 1.6200 in 3m – Rabobank

FXStreet (Edinburgh) - Senior Currency Strategist Jane Foley at Rabobank expects the sterling to head back towards the 1.6200 level in 3m view.

Key Quotes

“While we don’t expect that the BoE will discard its tightening bias as a consequence of the policy move in the Eurozone, the weak economic data that drove the ECB to cut rates last week will have an impact on the UK economy”.

“Even on a ‘no’ vote in the Scottish independence referendum next week, we would expect the market to pare back its expectations regarding the timing of the first BoE rate hike of the cycle”.

“In our view the BoE is unlikely to hike before May at the earliest. Up until recently, there had been a significant minority anticipating a move by year-end”.

“Headwinds from Europe could thus limit the potential for a recovery in cable. We expect cable at 1.62 on a 3 mth view”.

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