5 Jan 2016
GBP/USD points to further downside – Scotiabank
FXStreet (Edinburgh) - Shaun Osborne, Chief FX Strategist at Scotiabank, believes there is still room for further decline in the pair.
Key Quotes
“Stronger than expected CIPS Construction PMI data for December (57.8 versus market expectations of 56 and 55.3 last) has helped steady the GBP to some extent but the market remains dubious on the prospect of any BoE rate rises in 2016 after the run of soft data from the UK recently”.
“EURGBP looks better offered now, however, having stalled above 0.74 for a third time since mid-December”.
Key Quotes
“Stronger than expected CIPS Construction PMI data for December (57.8 versus market expectations of 56 and 55.3 last) has helped steady the GBP to some extent but the market remains dubious on the prospect of any BoE rate rises in 2016 after the run of soft data from the UK recently”.
“EURGBP looks better offered now, however, having stalled above 0.74 for a third time since mid-December”.