Pound's Worst Week of the Year Is Upending a $5.5 Billion Trade [BNN Bloomberg (Canada)]
Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
US:NYSE Investor Relations:
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Source: BNN Bloomberg
The currency is on track for its biggest weekly drop of the year after the Bank of England laid the groundwork for a shift to interest-rate cuts, torpedoing a view among traders that the UK central bank would take longer than its peers in Europe and the US peers act. It's a rapid about-face for markets. With the pound outperforming more than 90% of global currencies just two weeks ago, speculative investors — a category that includes hedge funds and asset managers — boosted bets in favor of sterling to the highest since July 2007. But those $5.5 billion wagers now look overdone, and market participants warn a rapid unwind could prompt a deeper selloff in the pound. “The risks of a prolongation of the short squeeze look high,” said Roberto Cobo Garcia, head of G-10 FX strategy at Banco Bilbao Vizcaya Argentaria SA in Madrid. “With the BOE poised to cut sooner than expected, and with stretched positioning and valuations, the trend may have started to revert.” The pound's drop als
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