BNP Paribas bets on GBP, and wins
The French bank correctly predicted that the favourable UK interest rate outlook would result in the British unit's gain versus the US dollar, in particular. On June 8, the bank forecasted cable at 2.02 after three months, just short of the 2.03 level reached on September 10.
Ian Stannard, senior currency strategist at BNP Paribas in London, said UK rate hike expectations were fuelled by robust growth in the local housing market at the start of the year. This was coupled with inflationary
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