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Foreign Exchange Daily Market Update 21/09/18

Fri, September 21, 2018

May promises new brexit offer after a hard EU summit.

Theresa May guaranteed fresh plans to break the stalemate in Brexit negotiations after EU leaders openly rejected her blueprint and warned that time is running out for striking a deal.

The two-day summit in Salzburg, Austria, broke up without any progress, and leaders increased more pressure on the PM to reform her stance. Britain will need to make more concessions next month if there is to be a special summit in November to sign the divorce agreement.  

The two main key factors remain: how to avoid a hard border between the U.K. and Ireland, and what the future trade relationship between Britain and the EU should look like.

May said there is still a lot of work to do but I believe there is a willingness to do a deal but let nobody be in any doubt -- we are preparing for no deal

In 10 days, the PM will face her Conservative party at its annual conference in Birmingham, amid a growing campaign from her disgruntled colleagues for her to ditch her Brexit plans or quit.

The leaders’ summit in October will be the moment of truth around Donald Tusk, by which time there must be maximum progress.” Only then will the EU decide if it’s worthwhile calling “an extraordinary summit in November to finalize and formalize the deal.

Sterling fell to 1.321 from 1.3275 against the dollar, the pound fell to 1.1208 from 1.1268 this morning against the Euro.

 

Data to look out today.  

 

Not much data due out today

 

  • Premier says she’ll announce new solution to Irish border

 

CURRENCY PAYMENTS MADE SIMPLE

 

PRESS RELEASE

KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

Data Releases

Day Time Currency Event
FRI 06:45 EUR EUR French Gross Domestic Product (QoQ)
FRI 06:45 EUR EUR French Gross Domestic Product (YoY)
FRI 07:15 EUR EUR Markit France Manufacturing PMI
FRI 07:15 EUR EUR Markit France Services PMI
FRI 07:15 EUR EUR Markit France Composite PMI
FRI 07:30 EUR EUR Markit/BME Germany Manufacturing PMI
FRI 07:30 EUR EUR Markit Germany Services PMI
FRI 07:30 EUR EUR Markit/BME Germany Composite PMI
FRI 08:00 EUR EUR Markit Eurozone Manufacturing PMI
FRI 08:00 EUR EUR Markit Eurozone Services PMI
FRI 08:00 EUR EUR Markit Eurozone Composite PMI
FRI 08:30 GBP GBP Public Finances (PSNCR) (Pounds)
FRI 08:30 GBP GBP Central Government NCR
FRI 08:30 GBP GBP Public Sector Net Borrowing
FRI 08:30 GBP GBP PSNB ex Banking Groups
FRI 13:45 USD USD Markit US Manufacturing PMI
FRI 13:45 USD USD Markit US Services PMI
FRI 13:45 USD USD Markit US Composite PMI
FRI 17:00 USD USD Baker Hughes U.S. Rig Count

Foreign Exchange Rates

GBP / USD 1.32089
GBP / EUR 1.12021
EUR / USD 1.17980
GBP / AUD 1.822736
GBP / CAD 1.70414
GBP / CHF 1.26203
GBP / CZK 28.5910
GBP / DKK 8.35338
GBP / HKD 10.31646
GBP / INR 95.2652
GBP / JPY 148.796
GBP / MUR 44.70
GBP / NOK 10.73889
GBP / NZD 1.97183
GBP / PLN 4.840773
GBP / SEK 11.59870
GBP / SGD 1.80017
GBP / THB 42.7979
GBP / TRY 8.27758
GBP / ZAR 18.7745

*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team

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