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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access### POV: GBP Brexit-watching, not..........>
STERLING: ### POV: GBP Brexit-watching, not star-gazing.
GBP is the weakest of the G10 currencies currently, being the worst performer
over the past month. GBPUSD is down over 3.0% over the past month. EURGBP is
breaking higher from its major trading range.
The GBP decline is accelerating despite many macro/fundamental indicators and
models suggesting GBP is undervalued. Positioning indicators are also
approaching extreme bearish levels.
GBP's continued underperformance despite appearing overextended on fundamental
measures is consistent with weakness being driven by political (Brexit) factors.
This was highlighted by the GBP reaction to the BoE meeting. At first glance,
the 9-0 vote to hike rates and 2-3% 'R-Star' estimate of the nominal equilibrium
rate of interest should have steered the yield curve higher after the August 2
meeting. Instead, the BoE emphasising Brexit uncertainty seems to have
accelerated the GBP decline (See MNI Connect Publication).
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.