💶💷A Yankee Desk Is Long EUR/GBP, Target @ 0.8910: Cable FX Macro

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• A variety of factors from Fed easing to Eurozone recovery signals have pushed desks to pencil in further upside on the euro, UBS and Morgan Stanley see EUR/USD reaching 1.25 next year. Near-term risks are balanced but tilt downside due to French drama and Fed uncertainty, with volatility likely around Powell's speech. Longer-term (Q4 2025), upside dominates if U.S. easing persists, per consensus forecasts from UBS (1.21 by end of the year).

• The above, when paired to U.K. fiscal premium build up, makes EUR/GBP upside attractive. A yankee desk is now long EUR/GBP with a target at 0.8910 and a stop at 0.8665.