💱GBP Now Tops REER Ranking, CHF Remains Overvalued: Cable FX Macro

**As seen in Macro Walk report 10/13/23, subscribe at cablefxm.co.uk/reports

• A five-year history of BIS REER data shows sterling topping our G10 ranking. The GBP's real effective exchange rate is now 1.6 standard deviations above its 5-year average, the CHF follows closely

• We have seen the dollar move from neutral to > 1 over the last couple of months, the BIS' USD REER index is now 1.1 standard deviations above its 5-year average

• Recently, the SEK's measure of real exchange rate dipped to a record low, the index is now 1.5 standard deviations below its average