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- GBP/USD: Sterling to outperform in the first half as the BoE takes rates to 1.00% – ING
GBP/USD: Sterling to outperform in the first half as the BoE takes rates to 1.00% – ING
The British pound continues to perform well, with the Bank of England (BoE) firmly in the hawkish camp with the Federal Reserve. Therefore, economists at ING expect the GBP to stay resilient in the first half of the year.
BoE to be happy with a strong pound
“We now look for further 25bp hikes on 17 March and 5 May.”
“Our call is that the BoE will pause at a 1.00% base rate to take stock. And the market will then focus on BoE active Gilt sales. But the market prices a 2.00% bank rate by year-end. That’s unlikely.”
“For 1H22, we expect BoE to be happy with a strong pound to insulate against higher gas prices and GBP can withstand $ strength.”
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