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5 May 2015
Betting on a lower GBP/JPY into UK election uncertainty – TDS
FXStreet (Barcelona) - The TD Securities Team prefer staying short GBP/JPY in the short-term into election uncertainty, but remain bullish on GBP crosses into H2.
Key Quotes
“We believe the steepening in 2s5s and 2s10s could extend further for now. The MPC message will likely continue to sound evasive while global risks around the US and oil remain vague, not to mention near-term uncertainties around the UK general election.”
“ECB buying and still low oil prices, however, are likely to help the long-end outperform, and expect 5s30s and 10s30s flattening from here.”
“In FX, we like punting on a lower GBPJPY in the short-term as election uncertainty is the main market driver. But moving past the election period into the second half of the year, we like fading EURGBP rallies and buying GBPCAD dips.”
Key Quotes
“We believe the steepening in 2s5s and 2s10s could extend further for now. The MPC message will likely continue to sound evasive while global risks around the US and oil remain vague, not to mention near-term uncertainties around the UK general election.”
“ECB buying and still low oil prices, however, are likely to help the long-end outperform, and expect 5s30s and 10s30s flattening from here.”
“In FX, we like punting on a lower GBPJPY in the short-term as election uncertainty is the main market driver. But moving past the election period into the second half of the year, we like fading EURGBP rallies and buying GBPCAD dips.”