Very quiet start.
Mkt reluctant to buy EUR despite better GfK data.
We’re thinking a lower GBP from here, maybe GBPCHF the trade to take out the USD lottery.
Data to show UK consumer still struggling, Posen as doveish as ever last night. Short STG futures are trying to edge higher this am. BoE members to testify today as well.
Maybe worth looking at GBPCHF downside potential.
CHF to benefit from German strength?and without peripheral worries.
HSBC Global Research