GBP/VND Outlook:
Slightly positive, but likely to move sideways as the rate is just above its recent average and lacks a clear driver for significant movement.
Key drivers:
• Rate gap: The Bank of England has maintained a steady interest rate, while the Federal Reserve's cuts are stabilizing the USD, indirectly affecting the VND.
• Risk/commodities: Oil prices are fluctuating but remain relatively stable, providing a supportive backdrop for the VND against the GBP.
• One macro factor: The UK's recent GDP figures could sway GBP direction, particularly if unexpected growth occurs.
Range:
The GBP/VND exchange rate is likely to hold within its recent 3-month range, showing stability but potentially testing both ends.
What could change it:
• Upside risk: Any unexpected positive economic data from the UK could strengthen the GBP.
• Downside risk: Continued political uncertainty in the UK could weaken the pound further.
