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Foreign Exchange Daily Market Update 08/08/18

Wed, August 08, 2018

Sterling falls to its lowest level Since November against the Euro on fears of a No-Deal.

 

Sterling fell to its lowest level against the euro in almost nine months as a feeling that the U.K. could end up leaving the EU with no agreement for future economic ties.

The weakened for the third day in a row against the Euro. Liam Fox the international trade secretary said over the weekend that the risk of a no-deal Brexit had increased to as much as 60%.

Sterling weakness against the euro is a clear sign that markets are starting to focus on the pound-specific risks associated with a no-deal Brexit. We could see sterling fall even more to possible 1.09 -1.08 levels over the coming months as the uncertainty of a no-deal.

The pound fell as much as 0.2% to 1.112 against the euro, the weakest level since Nov. 15. There was little change against the dollar, trading at $1.2934, not far from an eleven-month low of $1.2920 reached Monday.

  • U.K.’s Liam Fox put chance of no-deal Brexit at 60 percent
  • Sterling could fall to 1.08 against the euro in coming months

 

Data to look out today.   

Not much data due out 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
WED 11:00 USD USD MBA Mortgage Applications
WED 12:45 USD USD Fed's Barkin Speaks in Roanoke Virginia
WED 14:30 USD USD DOE U.S. Crude Oil Inventories
WED 14:30 USD USD DOE Cushing OK Crude Inventory
WED 14:30 USD USD DOE U.S. Gasoline Inventories
WED 14:30 USD USD DOE U.S. Distillate Inventory
WED 17:00 USD USD U.S. to Sell 10-Year Notes
WED 23:01 GBP GBP RICS House Price Balance

Foreign Exchange Rates

GBP / USD 1.28986
GBP / EUR 1.11309
EUR / USD 1.15817
GBP / AUD 1.73997
GBP / CAD 1.68526
GBP / CHF 1.28498
GBP / CZK 28.4846
GBP / DKK 8.29396
GBP / HKD 10.12683
GBP / INR 88.5078
GBP / JPY 143.135
GBP / MUR 43.98
GBP / NOK 10.5986
GBP / NZD 1.91322
GBP / PLN 4.74177
GBP / SEK 11.52738
GBP / SGD 1.77913
GBP / THB 43.1212
GBP / TRY 6.81440
GBP / ZAR 17.20010

*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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