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After being the top performing G10 currency year-to-date at the start of Northern Hemisphere summer, the UK’s currency has “unwound” most its gains, according to Goldman Sachs, and momentum is still negative.
“We had been bullish on the currency on the view that the terminal rate would need to reach 6 per cent due to the strength in the domestic data. But only some progress on labour market rebalancing and softer services inflation, alongside weaker growth, has been enough to encourage the MPC to keep rates on hold at 5.25 per cent at its last meeting.
Goldman said, as it earlier noted, weaker growth, high inflation, and lower real rates is a negative mix for the currency.
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