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IPC Index — Mexico Markethe GBP is soft against the USD, underperforming most G10 currencies in quiet trading. Political risks remain a concern, particularly regarding potential leadership challenges. Despite this, the GBP’s correlation to risk reversals is high, indicating some underlying support, note Scotiabank Chief FX Strategist Shaun Osborne and FX Strategist Eric Theoret.
GBP under pressure from political risks
“We remain attentive to headlines related to a leadership challenge against the prime minister.”
“While this is not an automatic sell signal, it does suggest a need for caution.”
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