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RBC Eye Short GBP/NZD as Trade of the Week

FOREX

RBC eye short GBP/NZD as their trade of the week:

  • Entry at 1.9488, targeting 1.9100 with a stop at 1.9650.
  • They write that a 25bps hike is widely expected and slightly more than fully discounted for the BoE. As such, they expect GBP to take its cues from longer-term rate expectations, the number of dissenting members and the long-term inflation forecast, which is again likely to be below target.
  • For NZD, RBC fade underperformance in April, with NZ rates markets not participating in the repricing that affected some G10 markets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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