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15 Aug 2013
Flash: GBP/USD to benefit from BoE – BMO Capital Markets
FXstreet.com (New York) - The sharp monthly rise in UK retail sales during July took the focus earlier today in FX markets and rightfully so, notes Greg Anderson at BMO Capital Markets.
Key quotes
“Even if retail sales are flat MoM for the rest of Q3, the annual growth rate of non-automotive fuel sales in July already sets real household consumption expenditures on course for a 2.5%-3.0% YoY gain during the quarter as a whole, based on the historical relationship between the two series.”
“We continue to foresee an interest rate-capping BoE as more willing than ever to utilize the exchange rate channel for the sole purpose of keeping medium-term inflation expectations well anchored in both directions. This obvious has yielded a short-term impact on the GBP/USD.”
Key quotes
“Even if retail sales are flat MoM for the rest of Q3, the annual growth rate of non-automotive fuel sales in July already sets real household consumption expenditures on course for a 2.5%-3.0% YoY gain during the quarter as a whole, based on the historical relationship between the two series.”
“We continue to foresee an interest rate-capping BoE as more willing than ever to utilize the exchange rate channel for the sole purpose of keeping medium-term inflation expectations well anchored in both directions. This obvious has yielded a short-term impact on the GBP/USD.”