Seeking Alpha

Goldman ups sterling forecast

  • One of the summer's big surprises has been the strength in the pound since Mark Carney came on as head of the Bank of England on July 1. Carney was expected to remake the Old Lady in the Fed's image, i.e. boost QE to even higher levels.
  • While stealing a page from the Fed playbook with forward guidance, Carney hasn't unleashed any new QE, and has instead sounded an optimistic note about he U.K. economy.
  • At about $1.48 when Carney took office, cable buys $1.58 this morning, and Goldman revises its 90-day forecast higher to $1.68 (and 82 pence vs. the euro).
  • Sterling ETFs: FXB, GBB.
  • U.K. equity ETFs: FKU, EWU, EWUS, DXPS.
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