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EURO-STERLING
EURO-STERLING: On Friday TD Securities closed their short EURGBP position at
0.8731, essentially breaking even on the trade.
- The rationale behind their move was that "the softer-than-expected Q1 GDP
report has added to market doubts the Bank of England will be able to hike at
its May meeting. These doubts have grown in the wake of dovish comments from
Governor Carney last week. While it seems unlikely Carney would discuss the
monetary policy decision for May at today's 3pm event which is geared as an
educational function, there is a risk and we think it is prudent to exit this
position at this time."
- From a technical perspective TD note "EURGBP has remained largely trapped in a
trading range loosely marked by the 0.8700/0.9000 levels. We have seen several
downward thrusts out of this range in recent weeks. While this was encouraging,
the EUR remained resilient despite a notable slowdown in Euro area growth
surprises during Q1."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com