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- EUR/GBP: Delay to full reopening of England’s economy to be another headwind for the pound – Rabobank
EUR/GBP: Delay to full reopening of England’s economy to be another headwind for the pound – Rabobank
FXStreet reports that Jane Foley, Head of FX Strategy at Rabobank, discusses EUR/GBP prospects.
“While we have not changed our forecast that EUR/GBP could still head to 0.84 by year end, GBP bulls may continue to struggle to make headway vs. the EUR in the near-term.”
“Since the 2016 Brexit referendum, the complications surrounding the avoidance of a hard border across the island of Ireland have tended not to cause significant duress to GBP. This is probably because of the tendency of the UK government to publically underplay the complexity of the situation. However, if the issue manifests in trade tensions with the EU, GBP would likely see some unravelling of this year’s Brexit relief trade.”
“Another disconcerting factor for GBP is the risk that on June 14, PM Johnson may announce that England’s economy will not be fully re-opened on June 21 after all. Although economic data are pointing to a strong surge in UK GDP growth in Q2, a push back to the June 21 full reopening in England is likely to hamper confidence.”
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