CIBC FX Strategy Research notes that the UK economy has slowed noticeably since the start of the year, and last week BoE Governor Mark Carney stated that it was now starting to see some adverse impacts from Brexit.
“On the other side of the channel, the Eurozone economy has continued to grow strongly, and this week’s Q2 GDP result from the region showed it officially overtaking the UK on a year-over-year basis. And while expectations for the EZ have already been upgraded significantly since the start of the year, there could still be room for further downgrades in the UK,” CIBC adds.
That, according to CIBC, should keep EUR/GBP supported above 0.90 into year-end.
Source: CIBC Economics – CIBC Capital Markets
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