Sterling's Rise Vs Dollar Could Prove Short-Lived

Sterling's Rise Vs Dollar Could Prove Short-Lived

0918 GMT - Sterling's gains against the dollar won't last given the prospect of a global recession and the U.K.'s substantial current account deficit, ING says. The current inversion in global yield curves--where shorter-term government bond yields are higher than longer-term yields--are a "likely harbinger of recession," ING analyst Chris Turner says in a note. "And with its large current account deficit, sterling should be expected to remain vulnerable." Fresh selling interest in GBP/USD could emerge near the 200-day moving average at 1.2177 or at best the 50% retracement of the 2021-22 drop at 1.2300, Turner says. GBP/USD rises 0.2% to 1.2102. ([e-mail])

 
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(END) Dow Jones Newswires

11-28-22 0536ET