Forex Flash: UK mood increasingly bearish – Societe Generale
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EUR/GBP
FXstreet.com (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that overnight data was thin, but the UK saw a rise in asking prices for homes according to Rightmove, though the mood for GBP remains overwhelmingly bearish.
He writes, "Friday's GDP data loom and concern about a 'triple-dip' recession are growing, along with fears of rating downgrade. EURGBP looks set to rise further, to 0.85 at least and GBP could easily become a favoured funding currency in the first half of this year." Elsewhere, Juckes sees the data highlights of the week include Australian CPI on Wednesday and UK Labour Market data on Wednesday before European 'flash' PMIs on Thursday.
He writes, "Friday's GDP data loom and concern about a 'triple-dip' recession are growing, along with fears of rating downgrade. EURGBP looks set to rise further, to 0.85 at least and GBP could easily become a favoured funding currency in the first half of this year." Elsewhere, Juckes sees the data highlights of the week include Australian CPI on Wednesday and UK Labour Market data on Wednesday before European 'flash' PMIs on Thursday.
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