Tale of two currencies

Following a shift in our already bullish expectations for the euro, we think it now more likely that the European Central Bank (ECB) will opt for another 50 basis point cut in September, in addition to the one we have already pencilled in for June. The recorded and expected depreciation of the pound sterling argues for some delay in the Bank of England monetary easing we have anticipated for the coming months.

Our upward revision in our already bullish expectations for euro/dollar (now at 1.23 at

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