The US dollar is being sold off, and the British pound hits a three-year high. UBS is bullish on the GBP/USD target price, raising it to 1.38
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The US dollar is under pressure due to market concerns about US fiscal policy, with the GBP/USD exchange rate breaking 1.35, reaching a three-year high. UBS has raised its target price for GBP/USD to 1.38 and recommends that investors seize buying opportunities on pullbacks. Despite rising US Treasury yields, the dollar index has fallen, reflecting market worries about the sustainability of US debt. UBS predicts that the Bank of England will cut interest rates quarterly, believing this will provide structural support for the pound, while the UK's trade advantages will attract foreign capital inflows
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