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- GBP: Downside risks – Nordea
GBP: Downside risks – Nordea
Analysts at Nordea Markets suggest the solid victory at the UK's general election for the Conservatives and Boris Johnson should pave the way for a divorce deal ratification in January.
- "It appears that the markets have not yet fully priced in the expected difficulties concerning the phase two negotiations about the future trade relationship (even despite some sterling weakness this week).
- We, therefore, see downside risks in the coming quarters for the sterling - partly due to these phase two negotiations, partly due to continued weakness in the economy (especially in the labour market).
- Our lukewarm sterling outlook also seems to be more in line with the option market which is clearly positioned for GBP weakness in 2020. We have EUR/GBP at 0.88 on 3-month horizon."
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