(Bloomberg) -- Loomis Sayles, a Boston-based asset manager with $360 billion under management, says the pound’s gains have room to run, even as some...
-- Loomis Sayles , a Boston-based asset manager with $360 billion under management, says the pound’s gains have room to run, even as some strategists predict declines if the Bank of England cuts rates on Thursday.Lynda Schweitzer, a portfolio manager at Loomis Sayles , says she’s prepared to abandon an underweight or neutral stance on sterling for the first time since 2015.
Schweitzer would be coming late to a rally that’s put the pound atop the G-10 currency rankings this year and made long sterling a crowded trade. Hedge funds last week ramped up bets for a stronger currency to the highest in a decade, data from the Commodity Futures Trading Commission shows, while a broader measure of wagers that includes asset managers rose to its highest on record.
JPMorgan is still sticking to its forecast that sterling will extend its recent run of gains to hit $1.35 by March next year. The currency was trading down 0.5% at $1.2793 as of 8:40 a.m. in London, still up more than 1% in the past month.Market pricing suggests the outcome of the BOE’s meeting is a coin toss, and Monetary Policy Committee communication has been scarce in recent months, mainly due to the blackout period during the election campaign.
Bloomberg Bank Of England Asset Manager Commodity Futures Trading Commission Strategists Labour Government
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