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Foreign Exchange Daily Market Update 13/05/2015

Wed, May 13, 2015

KBR Foreign Exchange Plc. (KBRFX) identified in London Stock Exchange’s ‘1000 Companies to Inspire Britain’. 

KBRFX has made the London Stock Exchange's Second Edition of 1000 Companies to Inspire Britain. 1000 Companies to Inspire Britain is an annual celebration of some of the fastest-growing and most dynamic small and medium-sized enterprises (SMEs) in the UK

Full Press Release

 

Carney Halts Pound’s election rally as BOE cuts growth outlook

The Pound halted a three-day rally against the dollar after the Bank of England cut its economic-growth forecasts through 2017 and said inflation would remain subdued.

Sterling also halted gains made against the euro on Wednesday that was made when data showed the U.K. labour market has increased, with wage growth increasing in March more than had been estimated. BOE policy makers led by Governor Mark Carney said inflation should return to target in two years and endorsed the view for gradual interest-rate increases that may not start until the middle of next year

The Inflation Report has taken the shine out of the wage data.  However, the downside to pound will be limited as the report is clearly focusing upon a snapshot prior to recent political and economic developments.

The U.K. unemployment rate fell to 5.5% in the first quarter, the lowest since 2008, from 5.6. Wages grew an annual 1.9% in the same period, with regular pay jumping 2.2% -- the biggest increase since 2011.

The Pound was little changed at $1.5654 at 11:13 a.m.  It touched $1.5747, the highest since Dec. 17, after the wage data earlier today. Sterling weakened 0.2% to €1.396 against the Euro after touching €1.4035, the strongest level since April 23.

Earlier today, the Pound had rose to its highest level this year against the Dollar as volatility has dropped since the Conservative Party secured an outright majority win.

Euro-area economic growth has increase in the first quarter as stronger-than-predicted performances from France and Italy made up for weaker momentum in Germany.

Gross domestic product in the region rose 0.4% in the first three months of the year after increasing 0.3% in the previous three months.  Greece has fallen back into recession

 

Data to look out today.   

13:30 US Advance Retail sales

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
WED 05:30 EUR EUR French Gross Domestic Product (QoQ)
WED 05:30 EUR EUR French Gross Domestic Product (YoY)
WED 06:00 EUR EUR German Consumer Price Index (YoY)
WED 06:00 EUR EUR German Gross Domestic Product w.d.a. (YoY)
WED 06:00 EUR EUR German Consumer Price Index (MoM)
WED 06:00 EUR EUR German Consumer Price Index - EU Harmonised (MoM)
WED 06:00 EUR EUR German Consumer Price Index - EU Harmonised (YoY)
WED 06:00 EUR EUR German Gross Domestic Product s.a. (QoQ)
WED 06:00 EUR EUR German Gross Domestic Product n.s.a. (YoY)
WED 08:00 EUR EUR Italian Gross Domestic Product s.a. and w.d.a. (QoQ)
WED 08:00 EUR EUR Italian Gross Domestic Product s.a. and w.d.a. (YoY)
WED 08:30 GBP GBP Weekly Earnings ex Bonus (3M/YoY)
WED 08:30 GBP GBP ILO Unemployment Rate (3M)
WED 08:30 GBP GBP Claimant Count Rate
WED 08:30 GBP GBP Jobless Claims Change
WED 08:30 GBP GBP Average Weekly Earnings (3M/YoY)
WED 08:30 GBP GBP Employment Change (3M/3M)
WED 09:00 EUR EUR Euro-Zone Industrial Production s.a. (MoM)
WED 09:00 EUR EUR Euro-Zone Industrial Production w.d.a. (YoY)
WED 09:00 EUR EUR Euro-Zone Gross Domestic Product s.a. (YoY)
WED 09:00 EUR EUR Euro-Zone Gross Domestic Product s.a. (QoQ)
WED 09:30 GBP GBP Bank of England Inflation Report
WED 11:00 USD USD MBA Mortgage Applications
WED 11:30 EUR EUR ECB Monetary Policy Meeting Minutes
WED 12:30 USD USD Import Price Index (YoY)
WED 12:30 USD USD Advance Retail Sales
WED 12:30 USD USD Retail Sales Ex Auto and Gas
WED 12:30 USD USD Retail Sales Control Group
WED 12:30 USD USD Retail Sales Less Autos
WED 14:00 USD USD Business Inventories
WED 14:30 USD USD DOE U.S. Crude Oil Inventories
WED 14:30 USD USD DOE U.S. Gasoline Inventories
WED 14:30 USD USD DOE U.S. Distillate Inventory
WED 14:30 USD USD DOE Cushing OK Crude Inventory
WED 23:01 GBP GBP RICS House Price Balance
WED EUR EUR German Wholesale Price Index (YoY)
WED EUR EUR German Wholesale Price Index (MoM)

Foreign Exchange Rates

GBP/ USD 1.5636
GBP/ EUR 1.3909
EUR/ USD 1.1236
GBP/ AUD 1.9424
GBP/ CAD 1.8716
GBP/ CHF 1.4498
GBP/ CZK 38.143
GBP/ DKK 10.3791
GBP/ HKD 12.1234
GBP/ INR 99.95
GBP/ JPY 187.22
GBP/ NOK 11.6252
GBP/ NZD 2.0973
GBP/ PLN 5.6839
GBP/ SEK 12.9711
GBP/ SGD 2.0778
GBP/ THB 52.48
GBP/ TRY 4.4139
GBP/ ZAR 18.6989
GBP/ CNY 9.5962

*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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