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The British pound has emerged as the top-performing major currency in 2024, bolstered by a resilient economy and a significant electoral victory for the Labour Party. However, JPMorgan has cautioned that the pound's impressive rally may be at risk of a correction, especially as long positions reach record highs. Notably, Ruffer Investment Co, which has focused on Japanese Yen investments for its UK investor base, reported a 2.6% loss on JPY in the first half of the year. Despite these concerns, Wall Street banks remain optimistic, betting that the sterling will continue its winning streak.
JPMorgan Says Pound Rally at Risk as Bullish Bets Hit Record - BBG Wall Street banks bet sterling will extend winning run - FT You gotta love financial markets.
FT: "The British pound is the top-performing major currency this year" It's quite something for the pro-Brexit Ruffer to have missed this, having gone out of its way to buy Japanese Yen for its largely UK investor base Ruffer Investment Co $RICA lost 2.6% on JPY alone in H1 https://t.co/p2vK7eSJEA
British pound struggles for direction ahead of data, long positions at record high https://t.co/2lU2A0qtgC via @Reuters