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- GBP: Gains against the USD will mostly be a function of EUR rising further - SocGen
GBP: Gains against the USD will mostly be a function of EUR rising further - SocGen
eFXdata reports that analysts at Societe Generale summary their outlook for GBP and EUR over the coming months.
"From here, further sterling gains against the euro are probably going to be determined by the overall risk mood, and we'd expect sterling to under-perform much of CEEFX and both Scandi currencies. Gains against the dollar will mostly be a function of the euro rising further, and in the near-term, EUR/USD seems to find 1.2150 an almost insurmountable obstacle."
"The position overhang remains the biggest challenge but Jay Powell did his absolute best to keep the dollar downtrend intact and over time, that should be enough to get EUR/USD above 1.25. The real winners will be those growth-sensitive currencies whose central banks let them off the leash."
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