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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
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.
