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Foreign Exchange Daily Market Update 09/10/18

Tue, October 09, 2018

Sterling falls ahead the October EU summit.

Sterling started the week on the back foot as progress on Brexit could still turn out to be elusive.

Sterling lost almost all last week’s gains against the dollar on yesterday as a spokesman for the Prime Minister said to be cautious ahead of crucial talks. Britain will have to submit a proposal on the contentious Irish border issue by Wednesday to allow EU delegates to begin preparations ahead of a summit later this month, analysis is warning that the markets may be disappointed on the progress made.

A spokesman for the PM yesterday said the EU needed to move on the issue of the post-Brexit Irish border, the main issue keeping talks stalled. Even if a solution with Europe is agreed, the prime minister’s collation with the Northern Ireland’s Democratic Unionist Party could still put a spanner in the works.

The potential recovery of the pound will remain limited until we clearly get one of the parties to back down on its red lines. Therefore, the uptrend in sterling – euro, will be driven further by euro weakness, not by pound strength

The pound fell 0.6% against the dollar to $1.3036 yesterday afternoon, after earlier touching $1.3028. The move cancelled out most of its gains seen last week after the PM successfully handled her Conservative Party’s annual conference, boosting optimism in her ability to clinch a deal. Sterling slipped slightly to 1.1375 against the euro after 1.4% advanced last week.

 

Data to look out today.   

Not much data due today.  

 

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
TUE 06:00 EUR EUR German Trade Balance
TUE 06:00 EUR EUR German Current Account (euros)
TUE 06:00 EUR EUR German Exports s.a. (MoM)
TUE 06:00 EUR EUR German Imports s.a. (MoM)
TUE 08:30 GBP GBP FPC statement from its meeting on Oct. 3.
TUE 10:00 USD USD NFIB Small Business Optimism
TUE 12:00 USD USD Fed's Kaplan Speaks to Economic Club of New York
TUE 14:35 GBP GBP BOE's Broadbent testifies to Parliament.
TUE 15:30 USD USD U.S. to Sell USD48 Bln 3-Month Bills
TUE 15:30 USD USD U.S. to Sell USD42 Bln 6-Month Bills
TUE 17:00 USD USD U.S. to Sell USD40 Bln 4-Week Bills
TUE 17:00 USD USD U.S. to Sell USD26 Bln 52-Week Bills
TUE 17:00 USD USD Fed's Harker Speaks on Importance of Education to the Economy
TUE 01:10 USD USD Fed's Williams Speaks on Recent Monetary Policy Developments
TUE 02:30 USD USD Fed's Williams Indonesia Cen. Bank's Warjiyo speak to press

Foreign Exchange Rates

GBP / USD 1.30287
GBP / EUR 1.13815
EUR / USD 1.14459
GBP / AUD 1.84532
GBP / CAD 1.69233
GBP / CHF 1.29426
GBP / CZK 29.3669
GBP / DKK 8.48238
GBP / HKD 10.21236
GBP / INR 96.7986
GBP / JPY 147.344
GBP / MUR 44.50
GBP / NOK 10.80189
GBP / NZD 2.025543
GBP / PLN 4.91822
GBP / SEK 11.86704
GBP / SGD 1.807392
GBP / THB 43.0764
GBP / TRY 8.09076
GBP / ZAR 19.57438

*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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