GBP/QAR Outlook: The outlook for GBP/QAR is slightly positive, as the rate is above its recent average and near recent highs, supported by UK economic resilience.
Key drivers:
• Rate gap: The Bank of England's cautious stance contrasts with the Qatari financial stability, helping supports GBP against QAR.
• Risk/commodities: With oil prices at recent highs, the stronger oil sector can bolster the Qatari economy, indirectly affecting the currency exchange.
• One macro factor: The British Pound's recent economic strength is evident in improving retail sales and PMI figures, which help maintain upward pressure on GBP.
Range: GBP/QAR is likely to drift within the recent range, reflecting its stability.
What could change it:
• Upside risk: Further positive economic data from the UK could strengthen the GBP.
• Downside risk: Geopolitical tensions or local election uncertainty in the UK could weaken investor confidence in GBP.