Morgan Stalney staying long Eur/Gbp for the Bank of England meeting

Market news

12 July 2016

Morgan Stalney staying long Eur/Gbp for the Bank of England meeting

"Remaining long EURGBP: We expect the BoE to cut rates by 25bp on Thursday, which should keep GBP offered and risk bid.

Otherwise, markets will focus on EMU's industrial production on Wednesday and inflation data on Friday. An indication of EMU authorities providing equity support to Italian banks without triggering the bail-in mechanism should allow EUR to rebound sharply.

EURGBP near 0.8425 offers an opportunity to add to longs, looking for 0.94.

Morgan Stanley maintains a long EUR/GBP from June 24".

Small business optimism increased in US

Bank of England Governor, Carney:

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