A sterling outlook?
Adam Cole, global head of FX strategy specialising in G10 at RBC Capital Markets
Our published profiles both for GBP/USD and EUR/GBP are quite flat, but this hides a multitude of risks. In the near term, we see the balance of risks being positive against euro in particular, with run down to 0.84 quite likely. This reflects what might be a positive dynamic in UK rate expectations as inflation hits 4% and the growing negative euro sentiment. Longer term, however, UK politics is a huge uncertainty
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