My view is that if we are looking purely at interest rate divergence and investor expectations, the US are far more likely to hike sooner than the UK. Dollar strength, therefore, will cause a fall in the price of Cable. My opinion is that we are looking at quite a market from here on in with Cable, and with a very calendar heavy day tomorrow, it will be interesting to see the reaction that the market has. If we see a change in the forecasted vote (if the 1 'for' a hike vote is removed), I think we will see a very negative reaction for GBP.
Also, I think we are seeing a heavy return to a risk on sentiment and flows back into the USD, reflected in the bounce in equity markets. Again, this will weigh on sterling.
Form your own opinions.
Not to be taken as investment advice.
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