Morning all
Was hoping to get away with only 2 updates a week!! Purely going to focus on last night’s speech…
GBP
One speech down, 4 to go.
Huge dump in the market last night after the Bank of England (BoE) Governor Andrew Bailey said that the Bank would end its emergency support to pension companies on Friday, as planned. I quote “You’ve got three days left now; you’ve got to get this done.” Seems fairly clear! GBP will no doubt dump again on Friday when the BoE pays its last dollop of maintenance and waves goodbye…
The sell off last night suggested that the market was prepared to call the BoE’s bluff, expecting the programme to be extended. 1.2% drop last night whilst eating dinner, with a not much sign of a rebound this morning.
Ready for the doom and gloom sign off? Regarding GBPUSD “If we close under 1.10-1.09 by Friday, expect 1.00-1.05 by year end” – ING Bank. Expect GBPEUR to be around 1.07.
Here if you need.