Is sterling ripe for a fall?
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With growth set to be below trend for a second year, a heavily indebted consumer sector and twin-track fiscal and current account deficits, it could be argued that the backdrop for the UK economy is far from bright. Nevertheless, despite the fact that the UK consumer faces a number of headwinds, not least the rising energy costs and indirect taxation, we remain wary of joining the clamour of those arguing for a substantially weaker value of sterling.
In terms of macro fundamentals, Rabobank
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