Crédit Agricole CIB
May 15, 2026
GBP Madchester
Daily UpdateFXRates Govt BondsCommoditiesEnergyIndustrials
The report highlights GBP weakness driven by UK political uncertainty and Andy Burnham's potential rise. It also notes a USD rally following geopolitical tensions regarding the Strait of Hormuz.
Key Takeaways
- 1.GBP is under pressure due to UK political risk following Josh Simons' resignation, which opens a path for Andy Burnham and potential left-wing fiscal shifts.
- 2.Risk-off sentiment in Asia was triggered by President Trump's comments regarding the closure of the Strait of Hormuz, boosting the USD.
- 3.The NOK rally remains strong due to energy prices and carry, but analysts warn it may struggle to strengthen further as it nears long-term targets.
Table of Contents
- Asia overnight
- GBP: Madchester
- USD: productive days
- NOK: surplus of strength?
- Open trade recommendations
- Key events
- FX Research advanced tools
- Red Mount Analytics
- Global Markets Research contact details
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Authors
Valentin MarinovDavid ForresterAlexandre Dolci
Securities
GBPEURNOKS&P 500EURJPY
Themes
UK Political InstabilityGeopolitical Sentiment and Energy Supply
Regions
EuropeAsia PacificNorth AmericaUnited KingdomUnited StatesNorway