Sterling shifts towards fixed-income
Robust merger and acquisition (M&A) inflows into the UK had been an important prop for sterling, but this support now appears to be waning.
So why is sterling still well-supported? We think this is because it is increasingly moving away from being an M&A type currency, and shifting more into the fixed-income universe. This suggests sterling should then become less sensitive to equity market developments and more sensitive to the fixed-income market over time.
For most of last year, the UK saw net
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