TWO FACTORS COULD SET THE POUND UP FOR A DEPRECIATION AT THE TAIL END OF THE YEAR

09 Jul 2023, 16:04 · 阅读量 67

The Pound reached its highest level in a little over a year in the past month. Economists at the National Bank of Canada analyze GBP outlook.

Relative positioning of the BoE can only carry the currency so far

With a nearly 5 cent upward delta with its low point in May, the currency has shown strength on the back of a rather mixed outlook. Certainly, the Bank of England has been remarkably hawkish, as inflation appears to be painfully more resilient than anticipated. But the relative positioning of the BoE can only carry the currency so far.

A downward adjustment to market expectations combined with an American economy teetering on the edge of recession could set the Pound up for depreciation at the tail end of the year.

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TWO FACTORS COULD SET THE POUND UP FOR A DEPRECIATION AT THE TAIL END OF THE YEAR – NBF