A weaker GBP remains the clearest trend in markets. Policy easing, political uncertainty, and a twin deficit will all keep the pressure on.
The mix of slowing economic growth, looser monetary policy, and a large twin deficit are negatives for sterling.
The appointment of a new PM and cabinet has stabilised sentiment for now, but the uncertain political climate is far from over.
The UK will not trigger Article 50 until next year. The long drawn-out nature of the process is bad for the economy and sterling.
ANZ targets GBP/USD at 1.25 by the end of the Q3 – efxnews.
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