Foreign Exchange Daily Market Update 28/04/2016

Thu, April 28, 2016

Pound Halts Three Day Gain

The Pound halted a three-day gain against the Dollar as data showed that U.K. economic growth decelerated in the first quarter, a further indication that the currency’s direction is being driven by investors’ view on the nation’s June referendum on its membership of the EU.

Economic growth slowed to 0.4% from 0.6% in the final three months of 2015. The estimate matched the weakest reading since the end of 2012. Gross domestic product rose 2.1% from a year earlier.

Provisional figures show that services rose 0.2% in March following a 0.1% gain in February. Industrial production jumped 1.9% after a 0.3% contraction the previous month. Construction fell 4.4% for a third month of decline.

The Pound fell 0.3% to 1.4540 against the Dollar as of 4:11 p.m., having gained 1.8% in the previous three days. It climbed to 1.4639 Tuesday, the highest since Feb. 4. Sterling weakened for the first time in nine days against the Euro, slipping 0.5% to 1.2845.

Data to look out for today.

08:55: EUR German Unemployment Rate

13:00: EUR German Consumer Price Index

13:30: USD Initial Jobless Claims

13:30: USD Personal Consumption

13:30: USD Gross Domestic Product

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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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