Possible Break Below 0.85 This Year Say Rabobank

“The market is clearly betting that the crisis in the Middle East will not escalate further.”

“Among the best G10 performers this morning is GBP, which has tentatively recovered some ground from Friday’s low close to GBP/USD1.2427.”

“It is Rabo’s house view that there is likely to be a total of three ECB rate cuts this year starting in June.”

“By contrast, it is our house view that the BoE will not be ready to kick off its hiking cycle until August.”

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“Opinion polls strongly suggest that a Labour government will be entering Downing St after the election.”

“The weeks and months ahead could bring more geopolitical induced volatility for asset prices and in particular for the safe haven USD.”

“We continue to expect that EUR/GBP will dip to the 0.84 level in the second half of this year.”