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Ekonomické zprávy
19.10.2021

BoE's aggressive rate hike cycle not enough to lift the pound – MUFG

FXStreet reports that economists at MUFG Bank still expect GBP/USD to move downward into year-end due to slow growth and high inflation.

“The GBP is still not fully benefiting as much as expected from the ongoing sharp rise in UK yields. We have brought forward our forecast for the timing of the first BoE rate hike to November when we expect the first 15 point hike to be delivered which we expect to be followed by a 0.25 point hike in February.”

“The faster pace of tightening poses some upside risk to our pound forecasts in the near-term. However, we are still sticking to our view that the GBP is more likely to weaken heading into year-end given the more challenging backdrop of slowing global growth, higher inflation and tightening liquidity conditions which should be less supportive for risk assets and high beta currencies like the pound.”

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