Foreign Exchange Daily Market Update 30/06/2016

Thu, June 30, 2016

Pound Continues To Recover from 31 Year Low

The Pound prolonged its gain from a 31 year low as traders took advantage of the global market rout to go on a buying spree.

The gains came even as investors & and European leaders (who met for a second day in Brussels) waited to see how the U.K. will execute its exit from EU.

Brexit is currently at a standstill because the U.K. itself must trigger the exit process following its June 23 referendum. Yet PM David Cameron announced his resignation on the morning the “Leave” result came in, and has repeatedly said that it’s for his successor to begin the proceedings. His successor is not likely to be selected until September.

The Pound rose 0.7% to 1.3435 against the Dollar as of 3:53 p.m., a day after gaining 0.9%. Britain’s currency tumbled 8.1% on Friday, the biggest decline on record, and on Monday fell further to 1.3121, the lowest since 1985. Sterling rose against the Euro to 1.2153.

Data to look out for today.

08:55: EUR German Unemployment Rate

08:55: EUR German Unemployment Change

10:00: EUR 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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