Bank of America Survey: GBP Becomes the Most Overvalued Currency in Nearly a Decade

Jinse Finance reported that the Bank of America's September Global Fund Manager Survey shows that the British pound is considered the most overvalued currency in the past decade. According to the survey, currently 12% of investors (net proportion) believe that the pound is overvalued, whereas a month ago, a net 3% of investors thought the pound was undervalued, indicating a significant reversal in valuation expectations. This means that the current degree of overvaluation of the pound has reached its peak since December 2015. Data from the London Stock Exchange Group (LSEG) shows that as of this month (the period covered by the survey), the pound-to-dollar exchange rate has risen by about 1%; since the beginning of this year, the pound has appreciated by a total of 9% against the dollar.