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From the Floor: 'GBP rally done and dusted' – #SaxoStrats

  • GBP weakens on BoE's Carney's rate hike doubts
  • EU rejection of UK Irish border plan further undermines sterling
  • AUD reversing lower vs USD, but higher vs NZD
  • USD perks up as risk appetite weakens and US yields rise
  • Rusal sanctions are starting to make negative impact on car industry
  • TSMC's downbeat outlook rattles entire tech sector
  • Earnings: Schlumberger; P&G; GE and Honeywell

By Clare MacCarthy

Sterling has been blasted lower after BoE governor Carney cast doubt on a previously pretty-much-expected UK May rate hike. The EU's rejection of Britain's latest Brexit-Irish border plan only served to deepen the rot. "The sterling rally is pretty much done and dusted," says John J Hardy, Saxo's head of FX strategy. "The most volatile currency this week has been sterling. Carney was trying to peddle the message that while he does see rate hikes out in the future, there is also weakness in the UK economy." For sterling, these factors mean that poor sentiment will persist pending "something very dramatic" on the Brexit front.

Elsewhere, the Australian dollar is reversing lower against its US counterpart, but higher against the kiwi while the greenback itself is perking up on the back of weakening risk appetite and higher US bond yields.

Meanwhile, over in equities, Peter Garnry, head of Saxo's equity strategy, says that the situation surrounding the beleaguered Rusal aluminium producer "has been catapulted to the highest level". US sanctions against Russia are preventing the company from selling its wares and this is beginning to have a negative impact on the global car industry, especially in Europe. "In a worst-case scenario this could have a material impact on European growth," Garnry says.
TyCoooN TyCoooN
Thanks. Some issues with recorded sound (John's microphone doesn't record properly or may be the software)...
Change quality.
Jadira F. Norton Jadira F. Norton


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