What Is the Pound Telling Us?
The British pound appears to be broadly undervalued relative to the currencies of its major trading partners, judging by its performance since the UK's Brexit referendum in June. But policymakers should acknowledge that a weakening pound is only helpful, not sufficient, for rebalancing the UK's economy.
https://prosyn.org/r8YspOr
LONDON – I know from my 32 years in finance that the weird world of foreign-exchange markets can sometimes defy comprehension, and that trying to estimate sterling’s baseline, equilibrium value can be an exercise in futility.