Quotes from RBS:
-GBP continues to be more tightly correlated with risk markets such as equities than yield spreads. This looks set to continue until such time as investors worry more intently about the UK's twin deficits. We see equities remaining supported by low interest rates and the continued expansion of central bank balance sheets.
-For the Fed, the only two voices on the FOMC that really matter are Yellen and Bernanke, and they look set to continue their dovish stance. Given the recent historic correlation with equities, this suggests some support for GBP/USD.
-However, while the fiscal cliff has been avoided, discussions around the debt ceiling and spending cuts are short-term risks to market sentiment (USD positive). At the same time, the better cyclical position of the US is seen supporting the USD.
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