Foreign Exchange Daily Market Update 17/03/2016

Thu, March 17, 2016

KBR Foreign Exchange Plc. (KBRFX) identified in London Stock Exchange’s ‘1000 Companies to Inspire Britain’. 

KBRFX has made the London Stock Exchange's Second Edition of 1000 Companies to Inspire Britain. 1000 Companies to Inspire Britain is an annual celebration of some of the fastest-growing and most dynamic small and medium-sized enterprises (SMEs) in the UK

Full Press Release

Pound weakens ahead of BOE's interest-rate decision.  

The Pound weakened before Bank of England officials announce their latest interest-rate decision today.

Sterling weakened for a fourth day against the Euro, and is set for the longest run of decline in more than a month. It is expected that officials, led by Governor Mark Carney, will hold the official rate at a record-low of 0.5% when it announces the decision at 12 p.m. today. The central bank will also publish the minutes of the Monetary Policy Committee’s meeting.

The Pound has fallen over the past month amid concern that Britain will quit the European Union at a June 23 referendum. The vote is also increasing the chance of a BOE rate cut in 2016.  The Pound has dropped about 3.4 % against the dollar this year.  The U.K. economy appears to have weakened further early this year ahead of the referendum and uncertainty has undermined business confidence.

The Pound fell 0.1% to $1.4239 against the Dollar this morning, having touched $1.4053 on Wednesday, the lowest since March 3. Sterling weakened 0.2% to 1.265. Its four-day decline against the Euro is the longest since Feb. 9.

The Pound fell after the previous decision announcement on Feb. 4, when MPC member Ian McCafferty, the sole policy official over the previous six months, dropped his call for higher interest rates and officials cut their growth and inflation forecasts.

Switzerland keeps maintains interest rates.  

Switzerland’s central bank held interest rates at a record low and repeated its pledge to intervene in the currency markets.  The Swiss National Bank kept its deposit rate at -0.75% today, as expected. It cut both its growth and inflation forecast for 2016.   Swiss economy remains in a fragile state due to the currency’s strength and deteriorating demand in China and other emerging markets. 

Norway cuts interest rate by 0.25%.

The Norwegian central bank reduced its key interest rate by 0.25%, to 0.5%, and said it may act again later this year to spur the economy from its oil-led downturn.

The bank said it wouldn't rule out negative interest rates.

Data to look out today.   

12:00:  GBP Bank of England Rate decision.

12:30: USD initial and continuing Jobless Claims

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