Brexit Is No Longer So Frightening for Macro Investors
- FTSE 350 keeps pace with Europe stocks; credit swaps decline
- Implied pound volatility slips and gilts narrow gap to bunds
SocGen's Juckes Sees Euro Bear, Dollar Bull Perfect Storm
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As the Brexit process lurches from one drama to the next, dominating U.K. politics, media and business decisions, traders have grown immune to noise surrounding the country’s departure from the European Union.
The British pound is trading near the highest in a year versus the dollar as attention turns instead to headwinds for the greenback. Sterling has even held its own against the advancing euro in recent days. Moody’s weighed in on Wednesday, raising the outlook for U.K. banks to stable, having cut it to negative last June in a reaction to the Brexit vote.