Wednesday, 10 Mar 2021 09:40 PM MYT
Sterling has strengthened so far in 2021, climbing as high as US$1.424 in February. Analysts attribute the gains to the UK’s relative success in Covid-19 vaccinations, optimism about an economic recovery from the pandemic, a lessening of negative interest rate expectations and relief that a no-deal Brexit was avoided at the end of 2020.
“It’s all about the broader risk dynamics and ultimately that’s still going to be the arbiter of sterling performance ,” said Jeremy Stretch, head of G10 FX strategy at CIBC Capital Markets. ING analysts wrote in a note to clients that euro-sterling was approaching “stretched short term undervaluation levels” and that investors should expect “periods of frequent overshoots into overvalued GBP territory” given the boost the currency has had from the rapid vaccine rollout.
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