GBP/USD: Continued grind toward the 1.20 level looks likely – MUFG GBPUSD BOE Banks UnitedKingdom
“We think the terribly grim GDP forecasts going forward are a strong signal that the scope for sustaining monetary tightening is quickly diminishing. With the BoE’s inflation forecast in 3yrs time under an assumption of no further monetary tightening at just 2.16%, barely above the 2% target, there is a clear signal in the forecast that the BoE is close to a pause.”
“The political outlook for the UK could be about to worsen. Results are slowly beginning to come in for the Local elections that took place yesterday and as expected the results at this early stage do not look good for the government. The results won’t force PM Johnson out but will likely weaken his position further and leaves him vulnerable to party dissatisfaction that could create instability and uncertainty into the autumn.
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