Foreign Exchange Daily Market Update 16/06/2016

Thu, June 16, 2016

Pound Heads Towards 2 Month Low

The Pound is heading towards a two-month low against the Dollar as traders awaited the BOE’s final policy meeting before the U.K. votes on its membership to the EU.

The U.K currency fell against all but one of its 16 major peers, dropping to the lowest level since 2013 against the Japanese Yen. The June 23 referendum has controlled the currency market with volatility surging as polls suggested a lead for the “Leave” campaign this week. Last month BOE Governor Mark Carney said that Brexit could lead to a recession in the U.K. as the central bank downgraded its growth forecasts.

The Pound fell 0.3% to 1.4165 against the Dollar as of 6:51 a.m. It touched 1.4091 on Tuesday, the lowest since April 14. Sterling weakened 0.4% to 1.2561 against the Euro. The U.K. currency dropped as much as 2.2% against the Japanese Yen to 147.33, the lowest level since June 2013.

Data to look out for today.

12:00: GBP Bank Of England Rate Decision

12:00: GBP BOE Asset Purchase Target

13:30: USD Consumer Price Index

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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