Rabobank analysts continue to see an oscillating range for the EUR/GBP In the next weeks. They maintain a forecast that the currency pair could still hit 0.84 by the end of the year.
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“The May 6 release of the Bank of England’s Monetary Policy Review should add a bit more flavor to forecasts for the UK’s growth prospects this year. Since the partial clearance of Covid restrictions in England on April 12, anecdotal evidence has added to market expectations that UK growth this year will exceed previous forecasts. “
“While there is room for optimism on the economic front, the pound faces a string of sleazy headlines in government circles. To date, the British pound has ignored these reports, in large part because the UK electorate is well aware of the Prime Minister’s unclean reputation. That said, the current “curtain door” allegations are unlikely to disperse as quickly as the Prime Minister would like. This means that politics still has the ability to hit confidence in the pound, just as the electorate prepares for local parliamentary elections in England, Mayoral, Wales and Scotland.
“All things considered, we expect oscillating trade in the coming months, with the EUR / GBP probably falling to the 0.84 zone by the end of the year.”
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