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UK: Weakness continues for the Pound - BTMU

FXStreet (Delhi) – Derek Halpenny, Research Analyst at BTMU, notes that the cable has continued its weakness against Euro.

Key Quotes

“The rhetoric from BOE MPC members has suggested no real shift in the policy stance. Ben Broadbent yesterday stated that he was not “on the brink” of raising rates.”

“Still, we are a little surprised with the degree of pound weakness versus the euro in particular and we have not seen any rhetoric that is inconsistent with the view that a rate increase could come soon after a Dec move from the FOMC.”

“From a 2-year spread perspective, EUR/GBP has been helped by a fall in the UK swap rate but we would not be surprised to see that fall in 2-year yields reverse quickly.”

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