A monetary policy “catch up” trade, the ECB will start raising rates in a couple of months, while the BoE may slow down their tightening plan going forward
The yield differential already shows bond yields pricing such policy move, with European rates outperforming UK ones (orange line on the chart)
We are bullish EURGBP and we expect 0.86000 to be tapped “fairly soon” although the geopolitical risks in Europe definitely add some uncertainty to the trade, keep it smart
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