Foreign Exchange Daily Market Update 04/12/18

Tue, December 04, 2018

Pound rises as Brexit process is reversible if article 50 is triggered.

Sterling rallied after an adviser to the EU’s top court suggested that Britain should be allowed to reverse its notice to leave the Euro zone.

Sterling reversed three days of losses after the non-binding opinion from Sanchez-Bordona of the EU Court of Justice, said “the possibility continues to exist” to annul the article 50 notice until the U.K.’s withdrawal agreement is formally concluded.

Sterling has taken the news on article 50 well.  Sterling had been trading on the soft side due to concerns about the vote and how Labour plan to table a vote of no confidence if or when it falls through.  

Lawmakers will debate the Brexit plan for the next week, before a vote on it that the PM looks set to lose. This would open a range of possible outcomes, including a second referendum. If the court’s decision backs the view that Brexit can be reversed, it could help those campaigning for another Brexit vote.

The pound gained 0.7% to $1.2818 this morning against the dollar, it also strengthened 0.3% to 1.1245 against the Euro.


Data to look out today.   

Not much data due out today.





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Data Releases

Day Time Currency Event
TUE 00:01 GBP GBP BRC Sales Like-For-Like (YoY) (NOV)
TUE 09:15 GBP GBP BOE Governor Carney Speaks at U.K. Parliament
TUE 09:30 GBP GBP Markit/CIPS UK Construction PMI (NOV)
TUE 15:00 USD USD Williams Holds Press Briefing at New York Fed
TUE 16:30 USD USD U.S. to Sell 8-Week Bills
TUE 16:30 USD USD U.S. to Sell 4-Week Bills
TUE 18:00 USD USD U.S. to Sell USD26 Bln 52-Week Bills
TUE 18:00 GBP GBP BOE's Vlieghe Speaks in Plymouth

Foreign Exchange Rates

GBP / USD 1.28068
GBP / EUR 1.12351
EUR / USD 1.13909
GBP / AUD 1.73319
GBP / CAD 1.68678
GBP / CHF 1.27403
GBP / CZK 29.0979
GBP / DKK 8.38426
GBP / HKD 9.99633
GBP / INR 90.2506
GBP / JPY 144.429
GBP / MUR 43.76
GBP / NOK 10.83209
GBP / NZD 1.84026
GBP / PLN 4.81389
GBP / SEK 11.48366
GBP / SGD 1.74692
GBP / THB 41.8792
GBP / TRY 6.81342
GBP / ZAR 17.42738

*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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