Westpac: pound rally to continue as hopes for Brexit breakthrough rise
As polling leans towards Conservative majority, the bank warrants outright long cable positions and expects pound surge any time
CLICK HERE TO DOWNLOAD THE PDF (only available to FX Week Corporate subscribers)
For most of 2019, Westpac was bearish on sterling but, surprised by October’s Brexit breakthrough, the bank has been bullish since, according to senior currency strategist Sean Callow.
The European Union and the UK announced in October that they had agreed a new Brexit divorce deal, ahead of the October 31 deadline for the UK to leave the bloc.
“We suspect that cable’s recent range trading in the 1.28–1.30 area
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe
You are currently unable to print this content. Please contact customer services - www.fx-markets.com/static/contact-us to find out more.
You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@fx-markets.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@fx-markets.com
More on Currency forecasts
Westpac: Johnson’s rhetoric over EU trade hits sterling
Cable has less upside than before the “go it alone” talk resumed after Brexit, firm says
Danske: yuan rebound when coronavirus under control
Other EM currencies such as ruble likely to gain ground against dollar
CMC: fiscal stimulus holds potential for pound upside
Amid uncertainty around Brexit clearing, upcoming UK budget may add support to UK currency
Scotiabank: improving eurozone data points to stronger euro
EUR expected to bolster on positive economic data, USD to soften as global risks dissipate
Swissquote: US-China trade war to ease in election year
Trump will enter November’s presidential election “bragging about a historic trade deal with China”
CIBC: steady as they go for G10 currencies in 2020
Don’t expect large FX moves this year, says Canadian bank
EM forecaster of 2019: City Index
CNY could hit 7.5 in H2 2020 as trade doubts linger and time runs out for Trump
G10 forecaster of 2019: Rabobank
Sterling’s future is still very dependent on Brexit-related developments, the bank says
