Under Pressure- risk of 'no deal' hits sterling

In this note we look at the outlook for Sterling which, in the short term at least, is tied into an analysis of the likely BREXIT outcome, the currency implications for the economy, interest rates and inflation concluding with the impact for equity investors. There are a lot of moving parts but in conclusion while we think it understandable that Sterling is under pressure we argue that, outside major political dislocation, it is oversold. In the immediate future, given the degree of political uncertainty, material recovery is unlikely but longer term funds should use weakness as a buying opportunity.
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