The Pound Sterling (GBP) is no longer the best performing G10 currency in the year to date, having been bumped into second place by the mighty USD, Rabobank’s FX analyst Jane Foley notes.

GBP continues to hold its own vs. the EUR

“Cable has dropped around 1.7% since the start of last month, mostly reflecting the popularity of Trump trades in the weeks leading up to the US election on November 5. That said, the GBP continues to hold its own vs. the EUR.”

“Indeed, the single currency is the weakest performing G10 currency since the start of last month. We retain our forecast that EUR/GBP is likely to edge to the 0.8150 level on a 12-month view.”