Foreign Exchange Daily Market Update 24/03/2016

Thu, March 24, 2016

BOE Officials Worried About EU Exit

With Britain’s referendum on the EU exactly three months away, BOE officials are intense over the dangers from a vote to leave.

On Wednesday, BOE Governor Mark Carney will chair the Financial Policy Committee’s first formal meeting of the year -- and its last before Britain’s June 23 referendum.

The BOE’s key interest rate has been a record-low 0.5% for seven years and, with a hike probably still some time away, the onus is on the FPC to keep imbalances in check. The central bank is already drawing up contingency plans for a British exit from the EU and will offer extra liquidity to the financial system around the referendum.

The Pound prolonged its losses against the Dollar amongst speculation the Brussels terror attacks could boost support for leaving the EU. The currency slid 0.5% against the Dollar to 1.4131 as of 1:46 p.m., taking the decline this year to 4%. It was down 0.3% against the Euro to 1.2628.

Data to look out for today.

12:30: USD Durable Goods Orders

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

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