✨Sterling has shown a relatively strong performance throughout the year, but it is now displaying signs of fatigue, especially as the U.K. appears to be "edging towards recession," according to Kit Juckes, an FX strategist at Societe Generale Research. Juckes suggests that while the Bank of England may not be eager to ease monetary policy too soon, the ongoing economic conditions might force an earlier easing than what the market currently anticipates.
✨In light of this analysis, Juckes finds it attractive to take a short position in sterling against the Norwegian krone and Swedish krona. Both the krone and krona have underperformed since the beginning of the year, and Juckes believes this short position is opportune, especially with the global interest rates trending lower and potential alleviation of Scandinavian economic headwinds. As a result, GBP/USD experiences a 0.1% decline, reaching 1.2273.
✨In light of this analysis, Juckes finds it attractive to take a short position in sterling against the Norwegian krone and Swedish krona. Both the krone and krona have underperformed since the beginning of the year, and Juckes believes this short position is opportune, especially with the global interest rates trending lower and potential alleviation of Scandinavian economic headwinds. As a result, GBP/USD experiences a 0.1% decline, reaching 1.2273.
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