Foreign Exchange Daily Market Update 18/07/2016

Mon, July 18, 2016

Pound Pares Best Week Since March Against Dollar

The Pound declined Friday, overturning earlier gains against the Dollar, after good U.S. retail sales and manufacturing data added to signs that the world’s largest economy is improving traction.

The pound pared its best week since March against the Dollar, having progressed earlier as the appointment of Theresa May as PM returned a sense of political balance to the U.K. and the BOE unexpectedly kept interest rates unchanged as it was predicted Mark Carney would cut them to 0.25%

The U.K. currencies rally this week came after it declined to its lowest level against since 1985 against the Dollar last week and it remains roughly 11% lower since the country’s June 23 vote on EU membership.

The Pound fell 1.1% to 1.3194 against the Dollar as of 5:03 p.m. Friday, having climbed earlier to 1.3481, the highest since June 30. That pared last week’s gain to 1.9%, the most since March 4. Sterling weakened 0.6% to 1.1932 against the Euro. It strengthened 1.7% last week, the most since May 27.

Data to look out for today.

Not Much Data Out Today

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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