Mon, February 29, 2016
Sterling declined 3.8% against the Dollar last week after the referendum on Britain’s EU membership was set for June 23. The cost of six-month options suggests traders are the most bearish on the U.K. currency since 2010.
The Pound dropped between 2% and almost 6% against each of its major peers this week amongst worry that a vote to quit the EU would repel foreign investment needed to support the U.K.’s current-account deficit. If Britain voted to leave the world’s largest single market, sterling could fall to lows against the dollar last seen in the 1980s.
The Pound’s 3.8% drop last week brought it to 1.3864 as of 5:15 p.m. Friday. It reached $1.3854, the lowest level since March 18, 2009. The U.K. currency fell 1.9% to 1.2690 against the Euro since Feb. 19.
Data to look out for today.
10:00: EUR Euro zone Consumer Price Index
CURRENCY PAYMENTS MADE SIMPLE
PRESS RELEASE
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| Day | Time | Currency | Event |
|---|---|---|---|
| MON | 07:00 | EUR | EUR German Retail Sales (MoM) | MON | 07:00 | EUR | EUR German Retail Sales (YoY) | MON | 07:00 | EUR | EUR German Import Price Index (MoM) | MON | 07:00 | EUR | EUR German Import Price Index (YoY) | MON | 09:30 | GBP | GBP Net Lending Sec. on Dwellings | MON | 09:30 | GBP | GBP Net Consumer Credit | MON | 09:30 | GBP | GBP Mortgage Approvals | MON | 09:30 | GBP | GBP M4 Money Supply (MoM) | MON | 09:30 | GBP | GBP M4 Money Supply (YoY) | MON | 09:30 | GBP | GBP M4 Ex IOFCs 3M Annualised | MON | 10:00 | EUR | EUR Euro-Zone Consumer Price Index Estimate (YoY) | MON | 10:00 | EUR | EUR Euro-Zone Consumer Price Index - Core (YoY) | MON | 14:00 | USD | USD ISM Milwaukee | MON | 14:45 | USD | USD Chicago Purchasing Manager | MON | 15:00 | USD | USD Pending Home Sales (YoY) | MON | 15:00 | USD | USD Pending Home Sales (MoM) | MON | 15:30 | USD | USD Dallas Fed Manufacturing Activity | MON | 16:30 | USD | USD U.S. to Sell 3-Month Bills | MON | 16:30 | USD | USD U.S. to Sell 6-Month Bills |
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*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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