The latest comments by BoE Chief Economist Huw Pill could hold Sterling back, in the view of economists at ING.
BoE Chief Economist Huw Pill said that expectations for rate cuts from next summer looked reasonable. We think these comments are a mild Sterling negative and given the risk that Fed-speak puts equities on the back foot again, risk-sensitive Sterling could hand back some of its recent gains.
For example, EUR/GBP could trade back up to 0.8710/0.8720 and GBP/USD could drop back to 1.2290 perhaps 1.2250.
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