GBP/QAR Outlook: Slightly positive, but likely to move sideways, as the rate is above its recent average but lacks a clear driver for significant movement.
Key drivers:
• Rate gap: The Bank of England is expected to maintain rates while the Qatari central bank's stable monetary stance should support the QAR.
• Risk/commodities: Oil prices are above average, which could bolster the QAR due to Qatar’s reliance on energy exports.
• Macro factor: UK manufacturing growth showed acceleration recently, offering some support for the GBP, though broader economic concerns persist.
Range: Expect the GBP/QAR to remain stable, possibly drifting within its recent range due to mixed signals.
What could change it:
• Upside risk: If the Bank of England signals a hawkish outlook in its next meeting, GBP could gain traction.
• Downside risk: Weak UK economic data releasing could lead to GBP pressure as markets respond to potential future rate cuts.