GBP/USD: Despite recent news, still seen at 1.06 in a three-month perspective – Rabobank – by MSalordFX GBPUSD Currencies Banks
“The release earlier in the week of a much worse than expected print for UK August GDP data suggests that the economy is already sliding into recession. The economy shrank by -0.3% m/m following a downwardly revised expansion of just 0.1% in July. Given the extra bank holiday in September, which will weigh on output, it now appears very likely that GDP for the whole of the quarter will show a contraction.
“The removal of unfunded tax cuts will come as a relief, but the line-up of UK fundamentals is still worse than they were ahead of the September mini budget. Over the coming days it will become more obvious whether the PM’s U-turns and the intervention by theto alter our 3 month forecast of GBP/USD1.06, though this assumes continued broad-based USD strength.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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