Foreign Exchange Daily Market Update 22/11/18

Fri, November 23, 2018

Sterling jumps as a draft for post-Brexit agreement on free trade and co-operatrion.

Sterling jumped up as a draft between the U.K. and EU backed a free-trade pact and close cooperation after Brexit.

The pound gained more than 1% to a one-week high after the declaration withdrew any uncertainty about the relationship after the U.K. leaves, its largest trading partner. The statement on futures ties, being negotiated ahead of an EU summit on Sunday to sign off on a Brexit deal, also makes clear that both sides have are determined to replace the quarrelsome backstop to avoid a hard border with Ireland.

Still, the news is not enough to stamp out doubts about whether the divorce agreement will be approved by lawmakers in the House of Commons during December.

The vote in parliament is still the main challenge as many analyses remain sceptical of the prospects for the parliamentary vote

Theresa May, who has taken over the final round of Brexit negotiations, is aiming to please the rebels in her party and Northern Ireland’s DUP, which she relies on for her parliamentary majority. A fall-back arrangement for the Irish border, raising the risk Parliament will vote against it next month.

Sterling rose by as much as 1.2% to $1.2927 again the dollar, its strongest level since Nov. 15, the pound strengthened by 0.6% to 1.1294 against the euro.



Data to look out today.   

Not much data due out today .





KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex

Data Releases

Day Time Currency Event
THU 12:30 EUR EUR ECB Publishes Account of Policy Meeting (OCT 25)
THU 15:30 EUR EUR Euro-Zone Consumer Confidence (NOV A)
THU 17:00 EUR EUR ECB Executive Board member Yves Mersch Speaks in Munich

Foreign Exchange Rates

GBP / USD 1.28628
GBP / EUR 1.12880
EUR / USD 1.13989
GBP / AUD 1.77419
GBP / CAD 1.69878
GBP / CHF 1.27983
GBP / CZK 29.2945
GBP / DKK 8.41226
GBP / HKD 10.06633
GBP / INR 90.7806
GBP / JPY 145.249
GBP / MUR 43.96
GBP / NOK 10.97709
GBP / NZD 1.88826
GBP / PLN 4.84189
GBP / SEK 11.61966
GBP / SGD 1.76592
GBP / THB 42.3692
GBP / TRY 6.80342
GBP / ZAR 17.68538

*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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