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Foreign Exchange Daily Market Update 27/04/18

Fri, April 27, 2018

U.K. Economy slows as snow has Impact.

The British economy recorded its worst performance since the end of 2012 in the first quarter as snow hit retail sales and disrupted building work, although the overall effect of the weather was limited.

Growth slowed to 0.1% from 0.4% in the final three months of 2017, worse than the 0.3% that had been expected. GDP grew 1.2% from the previous year, also the least since 2012.

The figures increased speculation that the BOE will forgo from raising interest rates next month, a move that had been considered a done deal until recently. The pound dropped after the data, falling 0.8% to $1.3808 this morning.

The Beast from the East brought travel chaos to much of the country from the end of February. Data show that construction had fallen 2.3% in March, while services and industrial production grew by just 0.1%, with the latter being boosted by increased domestic energy consumption during the freeze.

In the first quarter, services growth slowed to 0.3%, construction output fell 3.3% and industrial output rose 0.7%. Manufacturing climbed 0.2%.

The Pound bounced to 1.3815 from 1.3808 against the dollar.  Sterling remained unchanged against the Euro at 1.144.

 

  • GDP rises 0.1% from 4Q as weather hits construction output
  • Figures fuel speculation BOE will refrain from rate increase

 

Data to look out today.   

08:55: EUR German Unemployment.

09:30: GBP GDP.

14:00: GBP BOE’S Carney speaks in London

 

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 05:30 EUR EUR French Gross Domestic Product (QoQ)
FRI 05:30 EUR EUR French Gross Domestic Product (YoY)
FRI 05:45 EUR EUR ECB's Mersch Speaks in Sofia
FRI 06:00 GBP GBP Nationwide House PX (MoM)
FRI 06:00 GBP GBP Nationwide House Px n.s.a. (YoY)
FRI 06:00 EUR EUR German Import Price Index (MoM)
FRI 06:00 EUR EUR German Import Price Index (YoY)
FRI 06:45 EUR EUR ECB's Lautenschlaeger Speaks in Sofia
FRI 07:55 EUR EUR German Unemployment Change (000's)
FRI 07:55 EUR EUR German Unemployment Claims Rate s.a.
FRI 08:00 EUR EUR ECB Survey of Professional Forecasters
FRI 08:00 EUR EUR ECB's Mersch Speaks in Sofia
FRI 08:30 GBP GBP Index of Services (MoM)
FRI 08:30 GBP GBP Index of Services (3Mo3M)
FRI 08:30 GBP GBP Gross Domestic Product (QoQ)
FRI 08:30 GBP GBP Gross Domestic Product (YoY)
FRI 09:00 EUR EUR Euro-Zone Economic Confidence
FRI 09:00 EUR EUR Euro-Zone Business Climate Indicator
FRI 09:00 EUR EUR Euro-Zone Industrial Confidence
FRI 09:00 EUR EUR Euro-Zone Services Confidence
FRI 09:00 EUR EUR Euro-Zone Consumer Confidence
FRI 12:30 USD USD Employment Cost Index
FRI 12:30 USD USD Gross Domestic Product Annualized (QoQ)
FRI 12:30 USD USD Personal Consumption
FRI 12:30 USD USD Gross Domestic Product Price Index
FRI 12:30 USD USD Core PCE (QoQ)
FRI 14:00 GBP GBP BOE's Carney Speaks in London
FRI 14:00 USD USD U. of Mich. Sentiment
FRI 14:00 USD USD U. of Mich. Current Conditions
FRI 14:00 USD USD U. of Mich. Expectations
FRI 14:00 USD USD U. of Mich. 1 Yr Inflation
FRI 14:00 USD USD U. of Mich. 5-10 Yr Inflation
FRI 14:15 GBP GBP BOE's Andy Haldane Chairs Panel in London
FRI 17:00 USD USD Baker Hughes U.S. Rig Count

Foreign Exchange Rates

GBP / USD 1.3806
GBP / EUR 1.1423
EUR / USD 1.20782
GBP / AUD 1.82635
GBP / CAD 1.77879
GBP / CHF 1.36777
GBP / CZK 29.0160
GBP / DKK 8.51262
GBP / HKD 10.83746
GBP / INR 92.1551
GBP / JPY 150.946
GBP / MUR 46.55
GBP / NOK 11.04450
GBP / NZD 1.95502
GBP / PLN 4.83191
GBP / SEK 12.04652
GBP / SGD 1.83099
GBP / THB 44.0159
GBP / TRY 5.59921
GBP / ZAR 17.12981

*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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