Research: Relative Outperformance of Uk Bank Shares Since Mar-12 helped Eur/gbp Move Lower

Quotes from RBS:

-Equity markets have been broadly range bound through most of April which has contributed to the loosening relationship between GBP TWI and risk. However it is worth watching EUR/GBP vs. the relative performance of Euro area/UK bank shares prices given the performance of financials can provide some insight into financial stability, money/credit creation and sovereign risks. The relative outperformance of UK bank shares since Mar-12 has helped EUR/GBP move lower.