Foreign Exchange Daily Market Update 15/07/2016

Fri, July 15, 2016

Pound Rises As Carney Holds Interest Rate

The Pound rose as the BOE left interest rates unchanged, indicating belief that the central bank may take a more careful approach in its measures to support the U.K. economy after the nation’s vote to leave the EU.

Sterling gained against all but one of its 16 major peers, reaching the highest level against the dollar in two weeks, as minutes of the BOE meeting showed eight of the nine Monetary Policy Committee members voted to hold the official rate at a record-low 0.5%, where it’s been since March 2009.

The decision to keep rates unchanged helped prolong the Pound’s rally from a 31-year low against the Dollar. The currency rose this week as Theresa May prepared to take over as PM, ending a period of political uncertainty that has lasted since the referendum. It’s still 10% lower since the nation opted for Brexit.

The pound rose 1.5% to 1.3341 against the Dollar as of 4:03 p.m., having earlier touched 1.3475, the highest since June 30. Sterling strengthened 1.3% to 1.2008 against the Euro.

Data to look out for today.

13:30 USD Consumer Confidence

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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