EUR/GBP: Market too hawkish on BoE path – ING
Von FXStreet Insights Team
Veröffentlichungsdatum: 12 Mar 2026 | Änderungsdatum: 12 Mar 2026
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ING analysts see markets as overly aggressive on Bank of England expectations, with easing priced out after the Iran conflict. They note EUR/GBP’s negative correlation with Oil and warn that no rate changes are now expected by year-end.
ING analysts see markets as overly aggressive on Bank of England expectations, with easing priced out after the Iran conflict. They note EUR/GBP’s negative correlation with Oil and warn that no rate changes are now expected by year-end. Valuation metrics suggest downside in EUR/GBP below 0.860 would look stretched without BoE hike pricing.
BoE expectations seen overextended
"EUR/GBP continues to show a negative correlation to oil prices, in our view, primarily on the back of the notion that the UK has had a bigger inflation problem and the Bank of England’s policy is set to be affected by energy prices more deeply."
"Our valuation metrics also suggest a move below 0.860 would be rather stretched unless markets start to seriously price in a rate hike by the BoE."
"Our concern remains that markets have priced out BoE easing too aggressively. The two-year GBP swap rate has jumped 50bp since the Iran conflict started, with now no rate changes expected by year-end."
"Any positive surprises on the de-escalation front carries meaningful EUR/GBP upside risk, in our view."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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