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HSBC: They Think It’s All Over…It Is Now

GBP

HSBC note that “in some respects, the decline of inflation has felt a long time coming given the turn lower in a range of UK economic indicators. Consumer confidence, business sentiment, credit growth, and even the super-tight labour market have all shown signs of rolling off their peaks or slowing more markedly.”

  • “Until these sorts of indicators start to bottom out it is hard to see how the cyclical story can provide much support to GBP.”
  • “We forecast GBP/USD falling to $1.18 over the next nine months and tactically favour selling GBP/AUD with a target at A$1.8650.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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