GBP weak and underperforming most G10 currencies – Scotiabank
Source Fxstreet
The Pound Sterling (GBP) is weak, down 0.2% against the US Dollar (USD) and underperforming all of the G10 currencies with the exception of NOK, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Focus on sentiment and fiscal/budget ahead of Nov 26
"There have been no major domestic data releases and UK-US yield spreads remain steady. Sentiment appears to be dominating as we note the renewed decline in 3M risk reversals, building a greater premium for protection against GBP weakness."
"The UK fiscal situation remains a primary concern for market participants, as Chancellor Reeves faces pressure to expand the UK’s fiscal buffer ahead of the Nov 26 budget release."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Statistics Canada will release its Labour Force Survey on Friday, and markets are bracing for a mixed print.
Gold prices edged lower on Friday as investors booked profits following the metal's surge past the $4,000-an-ounce mark earlier this week.
On Friday, the USD/JPY exchange rate hovered around 153, maintaining its highest level in eight months, with intraday peaks hitting 153.27.
USD/CAD continues to gain ground for the fourth successive day, trading around 1.4030 during the early European hours on Friday.
The Pound Sterling (GBP) holds onto losses near its two-month low around 1.3280 against the US Dollar (USD) during the European trading session on Friday.
Related Instrument
